Compare Penfold Pensions

Penfold Pensions logo
  • Open online or through the Penfold app
  • Choose an investment plan in line with your risk profile and beliefs
  • Accepts one-off and regular contributions, and transfers in
Compare Now Browse Penfold Pensions FAQs

The value of a pension can rise and fall, as such your capital is at risk and you may get back less than you invest. Past performance is no guarantee of future results. Standard pension rules apply.

Compare Penfold Pensions

  • Penfold logo

    Penfold Pensions

    • Min Investment
      No minimum
    • Investment Type
      Managed
    • Annual Fees
      0.4% to 0.88%
    • Open or Transfer
      Both
    • Access
      App, Online & Telephone
    More info

Other pension providers

  • Interactive Investor logo

    Interactive Investor

    • Min Investment
      No minimum
    • Investment Type
      Self Select
    • Annual Fees
      £155.88
      Buy/sell fees apply
    • Open or Transfer
      Both
    • Access
      App, Online & Telephone
    More info
  • Hargreaves Lansdown logo

    Hargreaves Lansdown

    • Min Investment
      Lump sums: £100
      Monthly: £25
      Transfers: £1,000
    • Investment Type
      Self Select
    • Annual Fees
      Up to 0.45%
      Other fees may apply
    • Open or Transfer
      Both
    • Access
      App, Online, Telephone & Post
    More info
  • Fidelity logo

    Fidelity SIPP (Self-Invested Personal Pension)

    • Min Investment
      Lump sums: £800
      Monthly: £20
      Transfers: £1,000
    • Investment Type
      Self Select
    • Annual Fees
      Up to 0.35%
      Other fees may apply*
    • Open or Transfer
      Both
    • Access
      App, Online & Telephone
    More info
  • Wealthify logo

    Wealthify

    • Min Investment
      £50
    • Investment Type
      Managed
    • Annual Fees
      0.76% to 1.3%
    • Open or Transfer
      Both
    • Access
      App, Online & Telephone
    More info

This table is initially ranked by commercial agreements in place with the providers. This does not constitute advice or recommendation for any firm featured. The table can be reordered A-Z.

A firm's Annual Fee alone is not representative of the total fees you will incur. Fee structures between providers vary greatly. Some bundle their investment costs with the annual fee they charge, whilst for others this is separate. Other providers charge a fixed fee or may charge on a percentage amount. Percentage based fees can be impacted by tiering where you receive a discount on the fee charged on a portion of your balance in excess of a predefined threshold. You should always check the fees that will be charged based on your own situation and investment choice.

Nerdwallet UK does not provide advice or recommendations in respect of the suitability of pensions or firms that operate within the pensions sector. The content of this page is simply informative and presented to give you an overview of a selection of firms that may be able to help further regarding pensions requirements, depending on your personal circumstances.

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Information written by Tim Leonard Last updated on 26 April 2022.

Penfold Pension FAQs

What is Penfold?

Penfold was formed in 2018, and then launched in June 2019, with the aim of providing simple and easy pensions that can be quickly opened and managed online or using the Penfold pension app. Indeed, Penfold claims its pension can be set up in just five minutes.

Is Penfold a pensions provider?

Yes, Penfold is a pension provider. Penfold was set up to give people an option that was different to the traditional pension providers which managed retirement savings.

Is Penfold a digital pension provider?

Yes, Penfold is a digital pension provider that offers pensions designed to be opened and then managed and monitored completely online or using the Penfold app. If you think receiving paperwork in the post should be a thing of the past, a Penfold pension could be right for you.

How does the Penfold pension work?

The process starts with you registering online or with the Penfold app, where you’ll need to provide some personal details, share your email address, and set up a password. Choosing the investment pension plan best suited to you is step two, taking into account how much risk you’re willing to take and the types of investments you want to invest in.

Next up is deciding how you want to contribute to your pension – a one-off lump sum, regular payments and transferring existing pensions are all options. New contributions should also benefit from pension tax relief, giving you an extra incentive to save for your retirement.

As the money starts building in your pension, it’s good to keep an eye on progress and performance, something which can be quickly done online and via the app.

And finally, when it’s time to retire, you’ll be able to cash in your Penfold pension – the earliest you can do this right now is age 55, but this is rising to 57 from 2028. Taking a lump sum, buying an annuity to secure a regular income, or moving into drawdown, where you can take money while your pension remains invested, are all options for you to choose between.

What funds does Penfold offer?

Rather than offering direct access to individual pension funds, Penfold offers four different pension plans. Simply select the plan that best suits your investment goals, and the asset manager that Penfold has teamed up with will take over.

The Lifetime plan automatically adjusts the investment risk you’re being exposed to, depending on where you are in your retirement-saving journey, while the Standard plan lets you choose between four risk levels that you can switch between as and when you see fit.

The Sustainable plan is there if investing ethically is important to you, while the Sharia plan might appeal if your faith, or principles, mean you want to avoid certain types of investment.

What are the Penfold pension fees?

The Penfold pension charges one annual management fee, which depends on the pension plan chosen and the level of funds in your pension.

For the Standard, Lifetime and Sustainable plans managed by BlackRock, the annual fee is 0.75% if your pension is worth less than £100,000, and then 0.4% on any portion above this amount. For the Sharia plan managed by HSBC, the annual management fee is 0.88% on savings up to £100,000, and then 0.53% on anything beyond that.

These charges include both a fee payable to the relevant fund manager and an administration fee charged by Penfold. You won’t be charged any extra if you want to temporarily or permanently amend or stop your contributions.

Penfold also won’t charge you anything for transferring pensions into your pension (although you should be aware that the provider who you’re transferring away from might).

Is the Penfold pension for self-employed savers?

The Penfold pension is an option for self-employed people, particularly as those who work for themselves may need to take more responsibility to save for their own retirement, perhaps through a private pension.

The Penfold pension is open to employees and others too, perhaps as a way to bring your existing pensions together or to supplement the savings you already make into a workplace pension.

Where can I find Penfold pension reviews?

There are a number of Penfold pension reviews on Trustpilot, where the provider is currently rated as ‘Excellent’ (correct as at 23 March 2022).

Does the Penfold pension have an app?

Yes, Penfold has an app through which you’re able to open your pension and then manage it.

Is Penfold a safe provider?

Penfold falls under the remit of the Financial Services Compensation Scheme (FSCS). This means that should Penfold, or one of its partners which hold your money, go bust, the amount in your pension should be protected up to a value of £85,000. Please remember however that the funds aren’t protected in the event of your investment simply falling in value.

Penfold is also regulated by the Financial Conduct Authority (FCA), and so must abide by the rules set out by the UK regulator.

How can I get a Penfold pension?

If you want to open a Penfold pension, you can apply through the Penfold app or on its website. All you’ll need to get started is your National Insurance number, an email address, a UK address and bank account, and to be a taxpayer in the UK.

About the author:

Tim draws on 20 years’ experience at Moneyfacts, Virgin Money and Future to pen articles that always put consumers’ interests first. He has particular expertise in mortgages, pensions and savings. Read more

Transferring pension funds may mean losing significant benefits. If in doubt, always seek qualified, professional advice. Services offered by this provider may change over time. Always check Ts&Cs.