Does Penfold charge fees?
Penfold customers pay 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. 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 just £10 a month, and there are no minimum monthly payments. You can also add lump sums 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.