Does Penfold charge fees?

Penfold charges a single fee of 0.75% (or 0.88% for the Sharia plan) 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 0.4% (or 0.53% for the Sharia plan) 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
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The Sharia plan fee is inclusive of a 0.2% subsidy from Penfold, following the restructure of the underlying HSBC fund, which will expire on August 30th 2023. We are currently working on extending this or finding another fund at the same price, but the fees on this plan may increase. We will provide at least one month notice for any such change.

​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.
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​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.