MEET THE PARTNER | PENFOLD

Penfold is the game-changing private pension that savers, employees, employers and advisers all love!

Stating the obvious: pensions are really important!

• Pensions are crucial to saving enough for a comfortable retirement
• They’re one of the biggest costs for employers
• Beyond salary, it’s the key benefit for talent acquisition & retention

The problem is, people aren’t saving enough…. 

• People don’t understand pensions thanks to low financial literacy and complex rules
• People hate dealing with pension companies as traditional providers offer terrible CX due to legacy systems
• Therefore 79% of the UK are not saving enough to live comfortably after work

….and firms aren’t reviewing their pension often enough

How does a company know they have the best deal if they don’t compare with alternatives often enough? Currently there’s just 2% to 3% annual workplace pension provider switching! There are big consequences:

• Poor employee and business experience - traditional providers have gotten into the self-serving mindset that “no experience is a good experience!” and aren’t investing in a modern pension experience
• Poor fund performance - consistently poor performing pension funds could be costing you and your staff £100,000s in retirement. So it pays to review and benchmark frequently versus competitors
• Tax inefficient - default pension set-ups are tax inefficient, with employers and employees paying National Insurance on the 5% (or higher)  employee contributions. Salary sacrifice can hack away at this tax and save staff and firms £10,000s

We think pensions should work better in three key areas

1. Better saving rates: Pensions are seen as boring, complex & not sexy. The result? Workers are disengaged and not saving enough for the future. 
2. Better tech: A whole fintech revolution has happened. Consumers want to manage financial assets on the go. Meanwhile, the pension industry has been fast asleep.
3. Quick & easy tax efficiency: Pensions have amazing tax efficiency benefits for both savers & businesses. But the industry makes it way too complicated to benefit from them. 

Penfold adds value for savers with an engaging pension experience they’ll actually love. And, all the support they need to save towards a comfortable retirement.

Penfold adds value for businesses with a modern tech-powered pension processing and first-class account management that delivers more ROI from your most expensive benefit.

The Penfold app - a better kind of pension

With an intuitive interface and powerful tools, our app helps savers get total visibility of their savings to take control of their pension. Key features:

• Find and combine old pensions
• Set goals and forecast retirement income
• Choose what you invest in & see growth in real time
• Adjust contributions & top up to hit your goals 

The Penfold platform - less time on pensions, more time on the important stuff

Discover a faster, more efficient way to handle pensions & payroll. Key features:

• Hands-off onboarding: Add a few details about your client in-app and we’ll handle onboarding your Client, including assigning a dedicated account manager.
• Seamless drag & drop: Simply add any formatted file and our processor will do the hard work. 
• Hands-off approach: Outsource payroll externally? Share full access with your payroll provider and software. 
• Full visibility: Dig-down into the detail and access employee, contribution and opt out data.
• File review in real-time: Our processor will summarise your contribution data for you to ensure 100% accuracy.
• On-hand support: Full access to our UK-based support team available in-product online, phone and email.

 

Find out more about Penfold

"Penfold has led to a decrease in our negative ticket numbers and we have far less payroll corrections to facilitate"

Michaela, Senior Payroll Expert, Deel