Does Penfold charge fees?
Penfold charges a single fee of 0.75% (for BlackRock’s funds) or 0.88% (for HSBC’s Shariah fund) per year based on the average value of their pension that year. If your pension pot size is larger than £100,000 the fee is reduced to either 0.4% (Standard BlackRock) or 0.53% (HSBC Shariah) on the portion of your savings over this amount. We don’t charge our customers to pause, stop, increase, decrease, top up or consolidate pension pots. We’ve outlined why we charge a single fee and what it covers in this article
Are there minimum payments upfront, or ongoing?
We think pensions are inaccessible enough as it is, and high minimum contributions only put people off saving. You can open a Penfold pension with as little as £1 a month and you can also add one-off payments at any time, free of charge.
Can I claim my tax relief back on what I save?
You can, but better than that – we do it all for you! We organise your 25% (or more) top-up with HMRC and add it to your account automatically.