One simple fee. No hidden charges

We don’t charge employers any fees to use Penfold. We only receive fees from your employees based on the value of their pensions and we keep charges low for them too.

For employers there are:

Our plans offer a simple fee structure based on how much is saved in each pension pot and there are no charges on new contributions or to switch between plans.

Our annual fee is automatically taken from pension pots in 12 monthly instalments. The fee is split between:

Our annual fee covers absolutely everything (read the Charges Guide for more detail) within Penfold’s pension service. There are no additional charges for the following services:

Fund options

Salary sacrifice

Single savings view

Protection

We calculate the fee every day based on the average value of a pension pot, add it together at the end of the month, and charge it around the 12th of the following month.

All pension providers will charge a fee for administering your pension. Other pension providers may quote a headline annual management fee, but in the small print there are underlying or hidden fees for pension-related activity, such as transferring your pensions, requesting documents or exiting.

Penfold includes all costs and charges inside of its one, fair annual management fee. This includes the fund management fee from BlackRock or HSBC.

Find out more about how Penfold compares to other providers.

We offer a completely free transfer service, so there are no charges incurred on our side. However, your old provider may charge you an exit fee if you leave their scheme and transfer over to another provider. That's why it is important to compare providers’ fees & any guaranteed benefits when deciding on whether to transfer, and be sure that the investments available are suitable for you.

And, if you decide to close your Penfold pension and the value of the pot that you transferred over to Penfold has gone down, the amount returned to the pension provider may be less than what you originally transferred. For more information on the risks see here.

We hate hidden fees and you probably do too. We'll only charge you one fair, transparent annual fee for administering your pension that covers everything, including the BlackRock/HSBC fund management fee, within Penfold’s pension service.

With our Penfold Plan (and our Standard and Sustainable Plans) you'll pay an annual fee of 0.75%. This is split between Penfold and BlackRock.

If you’re invested in the Penfold Plan, we automatically deduct this fee in full from your pension in 12 monthly instalments*. If your pension pot size is larger than 100,000ドル the fee is reduced to 0.4% on the portion of your savings over this amount.

If you’re invested in our Standard or Sustainable Plans, we automatically deduct Penfold’s portion of your annual fee from your pension in 12 monthly instalments, while BlackRock takes its fee from the fund itself, which isn’t shown in the activity page of the Penfold app. If your pension pot size is larger than 100,000ドル the fee is reduced to 0.4% on the portion of your savings over this amount.

With the Sharia plan you pay an annual fee of 0.88%. We automatically deduct Penfold’s portion of your annual fee from your pension in 12 monthly instalments, and HSBC takes its fee from the fund itself, which isn’t shown in the Penfold app. If your pension pot size is larger than 100,000ドル the fee is reduced to 0.53% on the portion of your savings over this amount.

*Penfold Plan costs include 0.02% administrative expenses that are incurred directly within the underlying funds

Pension administration fee, paid to Penfold and our partners for administering your pension:

• For amounts under 100ドルk - 0.58%.
• On the portion of savings over 100ドルk - 0.23%.

Investment platform fee, for investing your money:

• Penfold Plan, Standard and Sustainable plans - 0.17%, paid to BlackRock.
• Sharia plan - 0.30%, paid to HSBC.