FAQs

The Big Pensions FAQ

Here's all the typical pension questions!

Written by Ellie Lister
Updated over a week ago

How old is Penfold?

Discover how long Penfold has been in business.

Written by Ellie Lister
Updated over a week ago

How does Penfold compare to other providers?

Discover what makes us different to other pension providers

Written by Ellie Lister
Updated over a week ago

What is the Lifetime Plan?

What is the Lifetime plan and what does it mean for the way your pension will be invested

Written by Rachel Norris
Updated over a week ago

How is your pension kept safe?

Discover how your Penfold pension is kept safe, including how Penfold is regulated.

Written by Rachel Norris
Updated over a week ago

I'm not self-employed, is Penfold for me?

Is Penfold for employed people as well as self-employed and company directors?

Written by Ellie Lister
Updated over a week ago

I live outside the UK, can I have a Penfold pension?

Can I work and retire abroad and have a Penfold pension?

Written by Ellie Lister
Updated over a week ago

Can I have multiple pensions?

Can I have a private pension, and workplace pensions?

Written by Ellie Lister
Updated over a week ago

What happens if you went out of business?

What would happen to my money if Penfold no longer existed?

Written by Ellie Lister
Updated over a week ago

What fees do you charge?

What fees do Penfold have?

Written by Ellie Lister
Updated over a week ago

What happens if I pass away before 55?

Who receives my pension if I don't access it myself?

Written by Ellie Lister
Updated over a week ago

How long does it take for a fund switch to settle?

Learn how long it takes for you to change your pension risk level.

Written by Ellie Lister
Updated over a week ago

Can I nominate someone to receive my pension if I die?

How do I nominiate the beneficiary recipient of my Penfold pension?

Written by Ellie Lister
Updated over a week ago

When will I receive my promotional bonus?

I received a special sign up bonus, when will I receive this?

Written by Ellie Lister
Updated over a week ago

When will I receive my referral money?

Discover how long it takes to receive your Penfold referral bonus.

Written by Ellie Lister
Updated over a week ago

How is my forecast calculated?

Learn how our pension forecast calculator works to predict your retirement income. Discover the key factors impacting your pension today.

Written by Lydia Bennett
Updated over a week ago

What assumptions is my forecast based on?

Learn more about the underlying assumptions our pension forecast calculator uses to predict your retirement income.

Written by Lydia Bennett
Updated over a week ago

What are the lifestyle categories based on?

Learn how our pension lifestyle calculator works. Discover the criteria we use on for an overall accurate prediction breakdown.

Written by Lydia Bennett
Updated over a week ago

Can I include other pensions to get a complete understanding of my retirement income?

Learn how our forecasting pension calculator can include pensions outside Penfold to provide a complete picture of your retirement income.

Written by Lydia Bennett
Updated over a week ago

Why is my forecast value so low?

If your pension forecast value estimate is low, there could be many reasons why. Discover Penfold's top three in our FAQ guide.

Written by Lydia Bennett
Updated over a week ago

What is the difference between ‘Your forecast’ tool and the ‘Calculator’ tool?

Our pension forecasting tool reveals your future retirement income. Here's the difference between your forecast and our pension calculator.

Written by Lydia Bennett
Updated over a week ago

How do I calculate my self-assessment tax return?

Information on your pension contributions, your tax relief and how to calculate your self-assessment tax return for the self-employed

Written by Ellie Lister
Updated over a week ago

How can I locate my old pension?

Top 4 tips on how to find the details of your old workplace pension to transfer over to Penfold

Written by Ellie Lister
Updated over a week ago

How do I get a statement of all my contributions?

For my self assessment tax return, how can I find my total contributions?

Written by Ellie Lister
Updated over a week ago

How do I change my bank details?

How can I change my bank details, and why are the boxes 'greyed out'?

Written by Rachel Norris
Updated over a week ago

Why can't I change my payment details?

Why are the boxes 'greyed out' on the payments page?

Written by Ellie Lister
Updated over a week ago

Where can I find all of my documents?

Where can I find my payment direct debit confirmation, key features, my policy reference number and all my pension information?

Written by Ellie Lister
Updated over a week ago

Why isn't my payment showing in my dashboard yet?

My payment has come out of my bank account but it isn't showing in my Penfold account yet.

Written by Ellie Lister
Updated over a week ago

Can I have a pension and other investments like an ISA?

Does a Penfold pension stop me from opening an ISA?

Written by Ellie Lister
Updated over a week ago

How can I change my investment type?

How and when can I change my risk level?

Written by Ellie Lister
Updated over a week ago

Where are my contributions invested?

Can I choose where I invest my pension, in a specific fund?

Written by Ellie Lister
Updated over a week ago

What risk level should I choose to invest in?

Which investment plan should I chose?

Written by Ellie Lister
Updated over a week ago

Are there any transfer in fees?

Do you charge to transfer over pensions from another provider?

Written by Ellie Lister
Updated over a week ago

How long does a transfer take?

How long does it usually take for a transfer from another provider to show in my Penfold account?

Written by Ellie Lister
Updated over a week ago

Do you have any transfer out or exit fees?

Are there any costs for leaving Penfold, or transferring over to another provider?

Written by Ellie Lister
Updated over a week ago

What is Seccl?

Who is 'Seccl Custody Ltd', this showed as the reference on my bank statement?

Written by Ellie Lister
Updated over a week ago

Shall I pay in through personal or business contributions?

How is it different with tax, paying in through my business or my personal bank account?

Written by Ellie Lister
Updated over a week ago

Can my employer pay into my Penfold pension?

Can Penfold allow umbrella company payments from my employer?

Written by Rachel Norris
Updated over a week ago

How can I pause my payments?

Where on the dashboard can I pause my payments?

Written by Ellie Lister
Updated over a week ago

Can I pay in through my limited company?

As a company director, can I pay into my pension through my business?

Written by Ellie Lister
Updated over a week ago

Why hasn't my first payment come out yet?

How long does it take for my first payment to go into my Penfold account?

Written by Ellie Lister
Updated over a week ago

Is there a minimum amount I can pay into my pension?

Find out the minimum you need to put into your pension every month.

Written by Ellie Lister
Updated over a week ago

Is there a maximum I can pay into my pension?

How much can I contribute and receive the government's tax top ups? Will I get a tax charge if I exceed this maximum?

Written by Ellie Lister
Updated over a week ago

Can I reduce my payment?

How can I increase/ decrease my monthly contribution?

Written by Rachel Norris
Updated over a week ago

What are my options to withdraw from my pension?

How can I start to access my pension?

Written by Josh Roukin
Updated over a week ago

Do I pay tax when I withdraw my Penfold pension?

Find out how pension taxes work and how much you'll need to pay.

Written by Ellie Lister
Updated over a week ago

Can I withdraw money from my pension whenever I want?

When can I access my pension and begin to withdraw from it?

Written by Ellie Lister
Updated over a week ago

How much tax top-up will I get from the government?

How much tax relief will I get from HMRC?

Written by Ellie Lister
Updated over a week ago

How do I get the government's tax-top ups?

Do I need to claim my tax top ups?

Written by Ellie Lister
Updated over a week ago

How long does it take to receive tax top ups?

When will I receive the government's tax relief?

Written by Ellie Lister
Updated over a week ago

How do I change my employee contribution percentage?

Here's how to adjust how much your paying into your Penfold pension.

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Written by Kyle Chubb
Updated over a week ago

I amended my employee contributions - when will this be actioned?

If you have recently amended your pension contribution with us, find out when this will be changed in our FAQ section today.

Written by Lily Upot
Updated over a week ago

What happens if I opt out of my workplace pension scheme?

Here's what happens if you decide not to take part in your company pension scheme.

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Written by Kyle Chubb
Updated over a week ago

Why does my account show £0.00?

Here's why your new Penfold pension is currently empty.

K

Written by Kyle Chubb
Updated over a week ago

When are my workplace contributions paid into my Penfold pension?

Here's how long it takes for you company pension contributions to arrive in your pension.

K

Written by Kyle Chubb
Updated over a week ago

Why do I only have “employer contributions”?

Here's why you can't see any personal contributions into your Penfold pension.

K

Written by Kyle Chubb
Updated over a week ago