What happens to my Penfold account after I transfer my pension?

What happens to your Penfold account depends on:

When your new provider requests a full transfer, we'll move all eligible funds from your Penfold pension to your new provider.

Your Penfold account will stay open after the transfer completes. This allows your employer to continue making pension contributions into the account.

We'll usually close your Penfold account once the transfer has completed.

If you'd like to keep your account open after a full transfer, contact our Customer Support team before the transfer completes. You can:

If we receive any residual funds after the transfer completes, we'll handle them according to the transfer instructions. Where appropriate, we'll forward them to your new provider, even if your Penfold account has been closed.

Your Penfold account will remain open and active. Any funds not included in the transfer will stay invested with Penfold.

We won't automatically cancel any Direct Debits, standing orders, or other payment arrangements when your transfer completes, or your account is closed.

If you no longer want to contribute to your Penfold pension, you'll need to cancel these payments with your bank or payment provider.

This helps prevent future contributions from being sent to your Penfold account after your transfer has completed.