- Experts commend Penfold Pension for its user-friendly app and website, highlighting the ability to set up a pension quickly and access expert advice when needed. The service is noted for its competitive pricing for larger investments, though it is considered slightly more expensive for smaller amounts. Overall, it received a strong rating of 4.1/5, with particular praise for customer service and the clarity of its investment strategies.
- Across 420 user reviews on Good Money Guide, averaging 4.8/5, customers frequently praise the intuitive app and clear communication regarding their pensions. Many users appreciate the simplicity and accessibility of the platform, which makes managing their pensions straightforward. However, some users have expressed frustration with slow customer service responses, particularly when relying on automated systems for assistance.
Expert rating
Our expert rating is the average of the areas listed here, each scored out of 5 by our team.- Pricing4.0
- Market Access4.0
- Online Platform4.0
- Customer Service5.0
- Research & Analysis3.5
Pros
- Easy-to-use app and web interface
- Projected retirement income
- Ability to set savings goal
- Detailed insights into investments
Cons
- Relatively new company
- Slightly more expensive than robo-advisors
See full expert review
Our verdict
Penfold is an online provider of pensions. A digital alternative to traditional pension companies, it enables users to quickly set up a pension, and manage it online or with its app. A relatively new player in the UK pensions space, Penfold was set up in May 2018, and became regulated by the Financial Conduct Authority (FCA) in May 2019. The company was founded by three technology experts who previously worked at Deloitte and Funding Circle an since then Penfold has grown significantly since then, now serving over 100,000 users.
Is Penfold a good pension?
Yes, Penfold, was voted “Best Pension” in the 2026 Good Money Guide Investing Awards and is one of the new breed of pension providers that combines tech with personal service. Via the app, you can start a pension in less than 10 minutes and also talk to an expert advisor on the phone if you need help.
How much does it cost? Penfold is a bit pricey under £100k, but above that is very competitive. The Penfold, Standard and Sustainable plans cost 0.75% up to £100k, then 0.4% on any amount over £100k.
There is also a Sharia plan which costs 0.88% for savings up to £100k, and 0.53% on any amount over £100k.
What is your pension invested in? Penfold uses Blackrock funds, which decrease in risk as you get older. So when you are young and have more time in the market, you can take on more risk, as your investments can weather the dips in the market. The closer you get to retirement, your pension will contain fewer stocks and more bonds that generate income. This means that when you actually need to withdraw your pension, it will be less likely to go down in value.
You can see in the screenshot below of the Penfold Plan what goes into your Penfold pension portfolio.
Is it easy to use? Yes, Penfold has great apps, and the website is clear. When we interviewed Christ Eastwood, the co-founder and CEO of Penfold, he told us that using technology is the key to “making pension saving easier”.
Customer Service: Penfold receives excellent customer reviews on Good Money Guide, many of which highlight great customer service.
Research & Analysis: If you are investing in this type of pension, you won’t be tinkering with it too much, so research and analysis are not that relevant. Having said that there are a lot of online resources that explain how pensions work and active social channels that aim to explain what is going on in the world of investing and pensions.
Customer reviews
Customer ratings come from reviews left on this site. Every review is read and approved before it is published.Based on 420 reviews
- Excellent88%
- Very good7%
- Basic2%
- Poor1%
- Bad1%
Read customer reviews
Slow to respond
Poor customer service, all requests are via PenBot which uses AI responses. Can take a week or more to get a response from a human, been the same for years. Website lacks features, generally disappointing. Was setup with Penfold when I was employed via Deel, moved 2 existings pensions in, now in the process of attempting to transfer back out.
excellent
good customer service and monthly information
Amazing
Pension provision great
Simple
Keeps it all very simple and provides easy to understand information.
Innovative; informative.
Easy and accessible platform to keep an eye on your investment. Support for sole traders to build income for their future. Investment mechanisms and growth opportunities.
Simplicity
Having all the information easily accessible from its app. As a self employed person, it has made investing in a pension, when my income is erratic, simple
Self explanatory
Makes saving for your pension easy, with the smoothness of an app where you can forecast how your pension will grow. Change payments and payment dates with ease. It’s self explanatory app. As a self employed childminder it’s made me take control of my future without panicking and making the pension jargon seem so daunting.
Intuitive
Penfold gives incredibly clear insights to your pension, their app will show you exactly what you have and where it’s being invested. Very clear! The support team is also brilliant.
Great pensions
Super simple to use pension provider. Everything is really clear and they assist with all other requirements. Projections are nice for planning too.
Revolutionary
So user-friendly giving me much greater control & confidence in managing my pension arrangements
Innovative
Transforms how to manage and track pension contributions making it easy and informative to follow and understand, taking away the laborious task of working out what to do and how to amalgamate all pensions into one pot.
User oriented
This products great. It feels like it was designed for actual people to use.
Fantastic
Keeps me updated on my pension and offers me advice when needed
Innovative
I like how Penfold is challenging the state quo of traditional pension providers while at the same time focusing on educating it’s customers.
Great pension options
Pensions
Inspiring
Breaks down what is complicated for many in easy language, empoweing everday people to acheive a better outcome in one of their most important financial decisions
Usr-friendly
Love how easy and user friendly this is. Keeps difficult stuff really simple and easy to understand
Seamless
The Penfold platform offers a seamless transfer of pensions from other providers
Responsive
Succeeds and responds
SUPERB
Great communication and the app is super easy to navigate.
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- Penfold Voted “Best Pension” 2026 – Penfold has been voted Best Pension 2026 at the Good Money Guide Investing Awards, after receiving outstanding feedback from customers who praised its simplicity, transparency and first-class service. In a market often criticised for complexity and opacity, Penfold has been recognised for doing something refreshingly different: making pensions understandable, flexible and built around real people. […]
- Chris Eastwood, Penfold CEO On Winning “Best Pension” 2026 – Chris Eastwood, the co-founder and CEO of Penfold, talks to Good Money Guide after winning “Best Pension” in the 2026 Good Money Guide Investing Awards.https://www.youtube.com/watch?v=VU514ggwpTo Interview Transcript AI Generated Transcript Holly Mead (00:03)Welcome to Good Money Guide. name’s Holly Mead and today we are talking to Chris Eastwood. He’s UK CEO from Penfold, which has […]
- Penfold Pensions Passes £1bn in Assets as User Growth Accelerates – Online pension provider Penfold has reached a major milestone after surpassing £1 billion in assets under administration (AuA), doubling its total in just 14 months. The fast-growth fintech, founded in 2018 to modernise pension saving for UK consumers and employers, now serves more than 110,000 savers and 5,000 businesses. The company reached its first £500m […]
- Chris Eastwood, Co-Founder of Penfold on the humanisation of digital pensions – There is a juxtaposition within the pension world. That of you must do something immediately, but you must then do nothing. And you must take on some risk otherwise you risk losing out. In this interview, we talk to Chris Eastwood the CO-Founder of Penfold a digital pension app on why you should engage with […]
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