- Good Money Guide 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.
Penfold Pension 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.
Penfold Pension 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
Simple investing
I like the fact I can add more or less to my pension if I need to, everything is very clear on the app from my forecast to making higher risk investments, I feel my money is safe with Penfold and I only wish I’d found them sooner
Ease of use
Simple interface and low friction onboarding. Easy to check balance and plan for retirement. Got great customer service when I contacted them for help.
Best Pension Provider for Freelancers
I’m a freelance writer and I wouldn’t be able to get a pension as easily without Penfold. Its so easy to invest every month and the app is a breeze to use. I’ve been saving with Penfold for just over five years now and my only complaint is that I wish it had been around 20 years ago so I could have started with them then!
awesome
makes it really clear what’s going on with my pension and the impact of choices i could make
Modern
I can do everything electronically and with the bank integrations, it’s simple to set up / change my direct debit and even see how my pension is doing from my mobile using their app. Outstanding!
innovative
they understand the pensions market
Seamless
Penfold is extremely easy to set up and use. The app allows me to keep an eye on my pension, get realistic forecasts of what my life as a pensioner will look like, and make changes if I don’t like what I see!
Superb
I really like the portal and the information available, the forecasting tools is very helpful to predict future pension income and what adding additional funds means to the outcome.
innovation
They are good at keeping the focus on the techonology and keeping the focus on the customer
Efficient
Great and easy to use product with simple UI/UX
Easy and straightforward
Good user interfaces, the whole process is clear and straightforward
Simplicity
Straightforward app.
Good growth.
Simple
Amazingly easy to work with from an employer perspective and a fantastic app from an employee perspective
Excellent
Great returns, easy to use and a simple but good app that does what is needed
Best provider by far!
Penfold is easy to use, implementation is supportive and straightforward and the team are friendly, helpful and focused.
Seemless
Makes planning for your retirement easy to understand
Brilliant
Technology lead making my Pension simple to manage and understand and also stealla performance
Very helpful
Understanding of client needs and future goals
Easy process
Makes the whole pension process simple. Highly recommended.
Clear and trustworthy
Penfold makes pensions feel simple and unintimidating. The app is easy to use, the language is clear, and I always know where my money is invested and how it is performing. I like that I can make changes quickly without paperwork or chasing support, and that everything feels transparent. Compared to more traditional pension providers, Penfold gives me far more confidence and control over my pension without needing to be an expert.
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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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