It’s easy to pay into your pension: simply log in to your account, click on “Add Money”, select the option to “Pay in some cash” and then choose your payment method. Decide if you want to make a personal or business contribution, and then follow the steps on the screen to set up your payment.
We currently offer 3 types of payment methods: Direct Debit, Instant Payment, and Bank Transfer.
Only Direct Debit is available for recurring monthly payments. However, you can also use Direct Debit for one-off top-ups!
Direct Debit
A Direct Debit is an instruction to your bank or building society to make a payment on a particular date.
After you choose the amount, specify the payment date and confirm that you would like to proceed with the direct debit. We will forward the instructions to your bank or building society and collect the agreed amount on the agreed date/s.
It can take a few days for the money to leave your account and reach your pension.
We take the protection of our customers and Penfold seriously. So, we have a £60k limit on the amount an individual customer can contribute to Penfold by Direct Debit in a tax year. If you wish to contribute more, please use either Instant Payment or Bank Transfer, being aware of the possible tax implications of exceeding the £60k annual tax-free allowance.
Instant Payment
Instant Payment is our fastest way to pay into your Penfold account, as it uses Open Banking technology.
Once you've decided how much you would like to pay in, connect your bank account by selecting your bank from the on-screen list, then securely approve your payment.
Instant payment will only be used with your express permission.
If your bank isn’t displayed as an option, it’s because our payment partner doesn’t support it right now—we're sorry about this. You can still use Direct Debit or Bank Transfer to pay into your account.
Bank Transfer / Standing Order
A bank transfer is simply the direct transfer of funds from one bank account to another.
To pay into your Penfold pension via bank transfer, you'll need to set up a bank transfer on your Penfold account so our system can expect it, and we can provide our receiving bank account details.
Then log in to your online banking platform and make the bank transfer—we will not automatically deduct the amount from your bank account.
For more detailed instructions on paying into your pot via bank transfer, have a look at this article!