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 ensures that your payment is allocated to your pension pot as soon as we receive it—generally, within one working day.
Note: If you make the bank transfer without setting it up on your Penfold account, if you use an incorrect payment reference, or send the funds from a new bank account, we might need to review your payment before adding it to your pension pot. This can take up to 10 working days.
If we're unable to allocate your payment within this timeframe, it will be returned to the bank account we received it from.