To pay in to your Penfold pension via bank transfer, you'll need to:
Set up the payment on your Penfold account so that our system can expect your payment. In this step we also give you our receiving bank account details.
Log in to your online banking platform and make the bank transfer with the information you received in step 1.
Flow of setting up a bank transfer on the Penfold app. Click on the image to enlarge.
Step 1: Log in to your Penfold account and select "Add money"
Step 2: Select "Pay in some cash"
Step 3: Select "One off payment"
Step 4: Select "Bank Transfer / Standing Order"
Step 5: 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 6: Enter the amount that you're going to be paying in from your online banking.
Step 7: Type in your bank details/company number if prompted.
Step 8: Copy and paste Penfold's bank account details over to your online banking portal, and make the payment from your online banking provider.
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. This will work automatically only if 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 7 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. If the payment is not able to be identified it will be returned to the sender 10 days after making the payment.