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Paying into your pension
How can I pay into my Penfold pension?
How can I pay into my Penfold pension?
Laura avatar
Written by Laura
Updated over a week ago

It’s easy to pay into your pension. Simply log in to your account, click on “Add Money” and select the option to “Pay in some cash” either as a one-off or recurring monthly payment. Decide if you want to make a personal or business contribution and then follow the steps on screen to setup your payment.

We currently offer Direct Debit, Instant Payment and Bank Transfer payment methods. Please note that only Direct Debit is available for recurring monthly payments.

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 date for your payment and confirm that you would like to proceed with the direct debit, we will forward the instruction to your bank or building society and collect the agreed amount on the agreed date/s. Please note, it can take a few days for the money to leave your account and then arrive in your pension.

  • We take the protection of our customers and Penfold seriously. So, we have a £60k limit to the amount that an individual customer can contribute to Penfold in a tax-year by Direct Debit. 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 of paying 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's name from the on-screen list and 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 them right now, but you can still use Direct Debit or Bank Transfer to pay in to your account.

Bank Transfer / Standing Order

  • A bank transfer is simply the direct transfer of funds from one bank account into another. 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

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