About Penfold
Penfold is a modern UK workplace pension provider and digital pension platform designed to make workplace auto-enrolment pensions easy, transparent and engaging. It helps employers set up or switch to a pension scheme with no employer fees, streamlined payroll integration, and an app-centric experience that encourages employee engagement with their retirement savings.
Get more info about Penfold
Perkwise Insight
SMEs and startups
Free for employers
5k+ employers
Key Features & Benefits
Member App with Pension Consolidation
Members get an app that shows real-time balances, contribution history, investment breakdown by company and geography, retirement forecasts, and the ability to find and consolidate old pensions.
Employees who understand and engage with pensions save more, stress less about retirement, and value the benefit more highly.
High-Performing BlackRock Default Fund
Penfold's default Standard Lifetime plan uses BlackRock MyMap funds with age-appropriate asset allocation that automatically adjusts as members approach retirement.
Performance matters. Penfold's default outperformed Smart Pension's default by 0.4% annually over five years. For someone contributing £200 monthly over 40 years, that difference is approximately £45,000 extra in retirement.
Implementation & Support
Setup Process
- Simple setup: 15-30 minutes online registration
- Standard setup: 1-2 hours with account manager for payroll integration
- Complex migration: 2-4 weeks for large businesses switching from existing providers
Technical Requirements
- Payroll system (Xero integration is fully automated; others require CSV uploads)
- Employee data (names, NI numbers, DOBs, earnings)
- Basic PAYE information
Support Options
- For employers: Dedicated named account manager (email, phone, or Slack)
- For members: In-app chat, email, phone