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 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.

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: