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What is Penfold and how does it work?
What is Penfold and how does it work?

Learn more about Penfold, what we do, and how our pension works

Laura avatar
Written by Laura
Updated over a week ago

What is Penfold?

Penfold is a flexible, modern, faff-free pension set up in 2018 and launched in 2019. We’re a digital alternative to traditional pension companies, and we allow our users to set up, manage and track their pensions online or on a smartphone. Penfold was set up in May 2018, and became regulated by the Financial Conduct Authority in May 2019.

Pensions can be confusing. Our friendly team of experts will answer any question you have, and we promise no jargon. No waiting lines, no call centres. Just drop us a message on chat, email us or give us a call any time.

Who is Penfold for?

Penfold is for anyone who'd like to take control over their pension. Whether you're happily employed, living the self-employed life, or just fancy having a digital pension at your fingertips, anyone can open a private pension with us and make the most of the benefits of managing your own pension.

Learn more at our dedicated Who is Penfold for? article.

How does it work?

Sorting out your pension with Penfold should take less than 10 minutes and can be done in one go, on our app or website. We will need to verify your identify, so you’ll need a national insurance number and UK bank account as well as a UK address. The set up is super straightforward, and you can finish setting up by either transferring and old pension to Penfold, or by paying in as little as £1!

Penfold allows you to top up, change, or pause your contributions any time — instantly and online. You have the freedom to choose from a range of payment methods, and there are no restrictions on how much or how frequently you pay in!

If you're paying in from a personal bank account, you'll also benefit from a 25% tax top-up from the government on each contribution. More information can be found on our How much tax top-up will I get from the government? article.

If you have other pension pots, we can bring them together in one place for you.

Consolidating your pension with Penfold is easy, free of charge, and our friendly customer service will manage it on your behalf. Learn more about Penfold's pension transfer service.

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