Penfold is a "digital-first" pension provider that launched in 2019 to drag the often-stuffy world of retirement saving into the smartphone era. Originally designed for the self-employed—who are notoriously underserved by traditional providers—it has expanded into a major workplace pension player.
In 2026, Penfold is a leading choice for those who want their pension to feel as simple and intuitive as a modern banking app, with a focus on transparency, ease of use, and automated growth.
If you are wondering whether Penfold is the right platform for your pension savings, get in touch below and one of our independent financial advisers will review this.
Get 100% independent pensions advice today
Our independent financial advisers have a deep working relationship with pension providers across the UK, including Penfold.
Whether you want to transfer your pension to Penfold or have an existing pension with then that you want to get the most out of, we can help.
The IFA's we work with can provide independent advice about pension transfers, reviews, drawdown, annuities and much more. Book your free initial consultation with them below:
Penfold Pension Products
Penfold keeps its investment range simple, focusing on hand-picked, diversified plans managed by global giants like BlackRock and HSBC.
1. The Penfold Plan (Lifetime Strategy)
This is the default option for most members. It uses a "lifestyle" strategy that automatically manages risk as you age:
-
Growth Stage: While retirement is 8+ years away, your money is in higher-risk assets to maximize growth.
-
Preparation Stage: Between 8 and 3 years from retirement, it shifts to a balanced mix.
-
Protect Stage: Within 3 years of your retirement date, it moves into lower-risk assets like bonds to safeguard your pot.
2. Standard and Sustainable Plans
For those who want more control over their values, Penfold offers these two routes. The Sustainable Plan specifically targets companies with high ESG (Environmental, Social, and Governance) scores, while the Standard Plan is a broadly diversified global portfolio.
3. Sharia Plan
Managed by HSBC, this plan is 100% compliant with Islamic finance principles, excluding industries such as gambling, alcohol, tobacco, and interest-bearing finance.
Putting a Penfold Pension into Drawdown
As you reach retirement age (currently 55, rising to 57 in April 2028), Penfold allows you to transition seamlessly from saving to spending with two main drawdown options.
-
Flexi-Access Drawdown: You can take your 25% tax-free lump sum directly through the app. The remaining 75% stays invested, and you can set up regular monthly income or take ad-hoc payments as needed.
-
Total Transparency: The app continues to show your "Retirement Readiness" score even after you start withdrawing, helping you see how long your money might last.
Putting a Penfold Pension into Drawdown
As you reach retirement age (currently 55, rising to 57 in April 2028), Penfold allows you to transition seamlessly from saving to spending with two main drawdown options.
-
Flexi-Access Drawdown: You can take your 25% tax-free lump sum directly through the app. The remaining 75% stays invested, and you can set up regular monthly income or take ad-hoc payments as needed.
-
Total Transparency: The app continues to show your "Retirement Readiness" score even after you start withdrawing, helping you see how long your money might last.
Alternatives to Drawdown
-
Annuities: While Penfold doesn't provide annuities directly, they can facilitate the transfer of your funds to a third-party provider like Just or Canada Life if you want a guaranteed income for life.
-
UFPLS (Lump Sums): You can take "one-off" payments where 25% of each chunk is tax-free and the rest is taxed as income, without a formal drawdown setup.
Reviewing Your Existing Penfold Pension
If you have a Penfold pension, particularly one that has been "frozen" from a previous self-employed period or a past employer, a 2026 review is highly recommended.
-
Fee Check: Penfold charges 0.75% for pots under £100,000 (0.88% for Sharia). If your pot has grown past the £100k mark, your fee on the portion above that amount drops to 0.4%. A review ensures you are benefiting from this "economies of scale" discount.
-
Retirement Date Alignment: Because the Penfold Plan is age-based, your investments shift automatically. If your retirement plans have changed (e.g., you want to work longer), you should update your target date in the app so you don't move into low-growth "Protect" funds too early.
Transferring To and From Penfold
Transferring INTO Penfold
Penfold makes consolidation a primary feature of their service.
-
Find My Pension: They offer a specialised service to help you track down lost pensions from previous jobs using just your employer's name and the years you worked there.
-
Speed: Most transfers are handled via the Origo network and take 2 to 3 weeks.
-
Bonuses: Look out for "Transfer Bonuses" in 2026; Penfold often offers a small cash boost (e.g., £25 to £50) for your first successful transfer.
Transferring OUT of Penfold
-
No Exit Fees: Penfold does not charge any fees to leave. You are free to move your money to another provider (like a SIPP with Interactive Investor) at any time.
-
Portability: You simply provide your new provider with your Penfold account number, and the transfer is handled electronically.
Pros, Cons, and Customer Reviews (2025-2026)
The Pros
-
Exceptional App: Frequently rated as the most user-friendly pension app in the UK.
-
Flexible Contributions: You can pay in as little as £1, pause contributions instantly, or add ad-hoc "top-ups."
-
Excellent Support: Real-time chat support with human experts, not just bots.
The Cons
-
Limited Fund Choice: Unlike a full SIPP (like AJ Bell), you cannot pick individual shares or niche funds.
-
Fees for Small Pots: 0.75% is higher than budget-friendly "passive" providers like Vanguard.
What Customers are Saying
"I started with Penfold as a sole trader because they didn't force a minimum monthly payment. Now that I'm back in employment, I've consolidated everything there because the app is just so much better than my old company one." — Trustpilot Review, Jan 2026
"Transferring my old pots was effortless. It took about 12 days for my old Aviva pension to show up in the Penfold dashboard. Growth has been solid and the visibility is great." — Smart Money People, Dec 2025
How Our IFA Service Can Help
At Money Helpdesk, we connect you with Independent Financial Advisers (IFAs) who can help you decide if Penfold’s "managed simplicity" is right for your financial goals. While Penfold provides an excellent tool, an IFA provides the strategy.
Our IFA service helps you by:
-
Fee Analysis: Comparing Penfold’s 0.75% charge against flat-fee providers to see where you could save money as your pot grows.
-
Consolidation Strategy: We review your old employer pensions to ensure you aren't accidentally losing "Guaranteed Annuity Rates" before you move them to Penfold.
-
Tax Efficiency: Specifically for 2026, ensuring your pension contributions are optimised for the latest tax year allowances.
-
Drawdown Modeling: For those nearing retirement, we use advanced software to show you exactly how a Penfold drawdown would perform compared to a guaranteed annuity.
Get started here to book a free, no-obligation chat with an IFA who can offer impartial advice about whether Penfold is the right solution for your pension needs.
FAQs
Technically, Penfold is a Personal Pension, but it functions very much like a SIPP for "hands-off" investors. You have control over which of their pre-set plans you use, but you cannot pick individual stocks.