All Collections
Penfold's "How To"
How to: Pay in via bank transfer
How to: Pay in via bank transfer

What are the steps to make a bank transfer contribution?

Laura avatar
Written by Laura
Updated over a week ago

To pay in to your Penfold pension via bank transfer, you'll need to:

  1. Set this up on your Penfold account so that our system can expect your payment and we can give you our receiving bank account details

  2. Log in to your online banking platform and make the bank transfer yourself

Step 1: Log in to your Penfold account and select "Top-up Your Pension"


Penfold dashboard screen with a highlight on the 'Top-up Your Pension' button


Penfold app dashboard screen with a highlight on the 'Top-up Your Pension' button

Step 2: Select "Bank Transfer / Standing Order"

Penfold payment method screen with a highlight on the 'Bank Transfer / Standing Order' button

Step 3: Choose whether you'll be paying in from a personal or limited company bank account

This will affect whether you'll be eligible to receive the government's 25% tax top-up on your contribution. To find out more about tax relief, check out this article.

Step 4: Enter the amount that you're going to be paying in from your online banking, and type in your bank details/company number if prompted

Step 5: Copy and paste Penfold's bank account details over to your online banking portal, and make the payment from your online banking provider

Penfold Add Money screen with a highlight on the payment details section

IMPORTANT: Be sure to click "DONE" once you've copied and pasted our bank account details and your payment reference to your online banking portal

This makes sure that our system knows exactly to expect this payment from you as soon as it reaches our bank account, which means that your payment will automatically be put into your pension pot (so long as you click "Done" and use the correct payment reference)

Note: If this payment isn't set up initially on our app, or if an incorrect payment reference is used, it can take up to 3 working days for your bank transfer payment to appear on your Penfold dashboard from the time that you initiate the transfer from your online banking platform

Did this answer your question?