When you are self-employed or running a business, finding time for “life stuff” like planning for retirement often takes a backseat, amplifying the need for savings options such as the Penfold Pension. 

Concern about the status of freelancers is far from isolated; a recent survey showed that a startling 67% of self-employed individuals are anxious about their financial preparedness for later life.¹

Penfold understands this issue, and its entirely app-based personal pension is a convenient option for time-poor self-employed individuals where you can choose from a range of pension plans, make adjustments on the fly, and even consolidate multiple pensions without the hassle of paperwork. 

Penfold Pension is a one-stop-shop, giving freelancers, company directors, and traditional employees alike a streamlined approach to preparing for retirement.

In our commitment to accuracy, the EveryInvestor team spends hours researching, reviewing, and fact-checking to ensure our content remains current and relevant.

Read on for more insights into Penfold Pension.

What Is Penfold Pension?

Penfold is a UK-based fintech company offering a digital personal pension.

It is designed for freelancers, self-employed individuals, company directors, and small businesses seeking a simple, flexible way to save for retirement.

Penfold is not a SIPP, but it shares many features with personal pensions, including tax relief and flexible withdrawals.

What Is a SIPP?

A SIPP provides a platform for UK individuals to personally direct their retirement investments.

This scheme caters to investors seeking hands-on involvement with their pension savings.

Unlike standard pension plans, SIPPs open the door to a diverse investment portfolio, including shares, bonds, and real estate, offering personalised retirement strategy options.

How Does Penfold Pension Work?

Penfold provides a fully digital pension experience. You can sign up online or via the app, set your retirement goals, and choose your contribution level.

Funds are invested in a diversified portfolio managed by professionals.

You can track your balance, adjust contributions, and consolidate old pensions—all from your phone or computer.

Key Features and Benefits

Penfold is designed to make retirement saving easy, especially for those with irregular income.

Here are the main benefits, each with a three-line introduction for context:

• Quick Setup: Open an account online in minutes, with no paperwork or minimum deposit.
• Flexible Contributions: Adjust, pause, or top up payments at any time to match your income flow.
• Free Pension Consolidation: Bring all your old pensions into one place for easier management.
• Ready-Made Investment Plans: Choose from four portfolios (Lifetime, Sustainable, Sharia, Standard) to match your risk and values.
• Transparent Fees: One all-in annual fee, with discounts for larger pots.
• App-Based Management: Monitor, manage, and withdraw funds instantly via app or web.
• FCA Regulated & FSCS Protected: Your money is safeguarded up to £85,000 per individual.

Key Considerations Before Choosing a Penfold Pension

Before choosing a Penfold Pension, you should consider all the usual suspects: fees, investment plans, flexibility, tax implications, withdrawal options, and client support.

Fees, Charges & Investment Plans

Penfold’s fee structure is simple and transparent.

Annual fees range from 0.75% to 0.88%, tapering to 0.4% or 0.53% for pots over £100,000.

There are no setup, exit, or transfer fees.

Investment Plans:

• Lifetime Plan: Automatically reduces risk as you approach retirement (BlackRock MyMap).
• Sustainable Plan: Invests in ESG-focused companies (BlackRock MyMap ESG).
• Sharia Plan: 100% Halal-compliant, avoiding prohibited sectors (HSBC Islamic Global Equity Index).
• Standard Plan: Four risk levels, powered by BlackRock, for straightforward diversification.

For a full comparison of low-cost pensions, see our Best Low-Cost SIPP guide.

Flexibility, Accessibility & Tax Benefits

Penfold is built for flexibility.

You can change contributions, pause payments, or make one-off top-ups at any time.

No minimum deposit is required, and all management is digital.

Tax Benefits:

• 25% government top-up on contributions (claimed by Penfold from HMRC).
• Annual allowance up to £60,000 or your total earnings, whichever is lower.
• Carry forward unused allowance from the previous three years.

For more on pension tax relief, see our SIPPs Checklist.

Withdrawal & Retirement Options

Penfold offers flexible withdrawal options at retirement.

You can take a lump sum, set up regular drawdown, or purchase an annuity.

Withdrawals are managed digitally, with no paperwork or minimum withdrawal limits.

A dedicated retirement team is available to guide you through your options.

Customer Support & Reviews

Penfold is praised for its responsive customer service.

Support is available via live chat, phone, and email, with most queries answered within minutes.

The platform holds a 4.8/5 rating on the App Store, 4.3/5 on Trustpilot, and 4.1/5 on Google Play.

How to Open and Manage a Penfold Pension

Opening a Penfold Pension is straightforward:

1. Download the app or sign up online.
2. Choose your investment plan (can be changed later).
3. Add money (even £10 to start) or transfer an old pension (Penfold handles the transfer).
4. Provide UK ID, National Insurance number, bank details, and proof of address.

Once set up, you can log in to monitor your balance, adjust contributions, and switch plans as needed.

Regulatory Details & Safety

Penfold is authorised and regulated by the Financial Conduct Authority (FCA).

Funds are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per individual.

All investments are held separately from Penfold’s own finances, ensuring your money is secure.

For more on pension safety, see our SIPP Requirements Checklist.

How Penfold Compares to Other Providers

Penfold stands out for its digital-first approach and focus on the self-employed.

Unlike many SIPPs, there is no minimum deposit, and all services are managed via app or web.

However, Penfold does not offer the full investment flexibility of a SIPP or personalised financial advice.

For alternatives, compare with Fidelity SIPP, Freetrade SIPP, and Nutmeg SIPP.

Common Questions About Penfold Pension: Safety, Fees, & Access

Penfold Review in Brief

Penfold Pension is a modern, flexible, and user-friendly option for UK savers—especially freelancers and the self-employed.

It offers transparent fees, strong customer support, and a range of ready-made investment plans.

However, it lacks the full investment flexibility of a SIPP and does not provide personalised advice.

Always compare with other providers and consult a financial adviser before making a decision.

Disclaimer:
All information in this article was accurate as of July 2025. Fees, rates, and provider terms may change. Always check with Penfold and consult a qualified adviser before making decisions.