What Penfold does

Penfold is a UK FCA-authorised digital pension provider (firm reference 826097) founded in 2019 by Pete Hykin, Stuart Robinson and Chris Eastwood. The company operates the Penfold Pension — a single personal-pension / Group Personal Pension product delivered through the getpenfold.com website and native iOS and Android apps — and serves two primary customer segments: UK individual savers (originally self-employed workers, the company's 2019 launch segment) and UK employers using Penfold for workplace auto-enrolment (added in 2021). As of early 2026 Penfold reports 140,000+ individual savers, 10,000+ businesses and over £1bn in assets under administration.

The product architecture is built on third-party infrastructure: Seccl provides the underlying investment platform; BlackRock manages the default Penfold Plan (BlackRock Life Custom Multi Asset Fund), the Standard Plan (BlackRock MyMap range) and the Sustainable Plan (BlackRock MyMap Select ESG); HSBC manages the Sharia Plan via its Islamic Global Equity Index Fund; Bank of New York Mellon acts as custodian. Members access contributions, transfers in/out, plan switching, pot consolidation and drawdown via the app and web. Identity and AML checks are handled via Contego/Northrow, customer support tooling is provided by Intercom, and Penfold's privacy policy discloses limited use of AI to assist with customer-service queries (with restrictions on third-party training use).

Penfold monetises through an annual percentage fee on assets under administration — 0.75% on the first £100,000 and 0.40% above, with a higher tier (0.88% / 0.53%) for the Sharia Plan — calculated daily and deducted monthly, with no transfer, withdrawal or setup fees. Go-to-market is hybrid: self-serve PLG via website and mobile apps for individuals; direct sales to UK employers for workplace auto-enrolment, supported by dedicated account managers; and a parallel intermediary channel of "hundreds" of accountant and IFA partners targeting UK SMEs. The company is privately held, venture-backed by Bridford Group, Gresham House Ventures, Plug & Play, Force Over Mass Capital and Crowdcube retail investors, with cumulative disclosed funding of approximately £15.75M and operational hubs in London (HQ) and Tallinn, Estonia.

Name

Penfold

Legal name

Penfold Savings Limited

Website

https://getpenfold.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Penfold is a UK FCA-authorised digital pension provider offering personal and workplace pensions via mobile app and website, serving 140,000+ individual savers and 10,000+ UK businesses with over £1bn in assets under administration.

Ownership category

akta.pro rank

Product category

Pension Management Services

NAICS

Pension Funds (525110), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Life Insurance (6311)

akta.pro primary industry

Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ)

akta.pro secondary industries

Retirement & Pension Planning (401(k)/IRA) (FSAEAAAD), Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA), Savings Automation & Goal-Based Savings (FSAGADAC)

Keywords

• Digital pension platform
• Workplace auto-enrolment
• Personal pension plans
• Pension management app
• Retirement savings UK

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Annual percentage fee on assets under administration: Recurring revenue stream based on a percentage of the customer's pension pot value, calculated daily and deducted monthly from the portfolio. Default/Standard/Sustainable Plans charge 0.75% on the first £100,000 and 0.40% on amounts above £100,000; the Sharia Plan charges 0.88%/0.53%. The fee covers administration, fund management, transfers in/out, withdrawals, and other services. Transaction costs are charged separately by underlying fund managers (BlackRock, HSBC). No Benefits Withdrawal Fees are currently charged.
2. Underlying fund transaction costs passed through: Transaction costs (e.g. 0.06%-0.17% for BlackRock MyMap/Sustainable funds, 0.013% for HSBC Sharia fund) are charged within underlying funds and reduce investment growth; not earned by Penfold.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

Penfold operates a UK digital pension platform that administers personal pensions and workplace auto-enrolment pensions through the Penfold Pension, a personal pension / Group Personal Pension delivered via web and native iOS and Android apps. Members can set up contributions, combine old pension pots, choose between investment plans (default Penfold Plan, Standard, Sustainable ESG, and Sharia-compliant), track their pot and draw benefits from age 55. The product is sold both directly to individual savers (originally self-employed) and to UK employers for workplace auto-enrolment, with revenue earned through a single annual percentage fee on assets under administration.

Product overview

Penfold is a single-platform UK digital pension provider — the Penfold Pension — that combines a personal pension / Group Personal Pension (GPP) with a set of self-select investment plans accessed through the Penfold mobile app and getpenfold.com. The core product is the Penfold Pension itself, which is delivered to two customer segments: individual savers (originally self-employed, launched in 2019) and UK employers via the Workplace Auto-Enrolment Pension (launched in 2021). Members who do not make an active investment choice are routed into the Penfold Plan, the default arrangement built on BlackRock's Life Custom Multi Asset Fund, while members who want to choose can pick from the Standard Plan (BlackRock MyMap range), the Sustainable Plan (BlackRock MyMap Select ESG) or the Sharia Plan (HSBC Islamic Global Equity Index Fund). The whole offering is administered by Penfold Savings Limited (FCA firm reference 826097) with Penfold Trustees Limited as bare trustee, with scheme administration supported by staff in Tallinn via Penfold Technologies OU.

Differentiator

Problem solved

Functional benefit

Brands

• The Penfold Pension: Personal pension plan operated by Penfold Savings Limited (with Penfold Trustees Limited as Trustee), the core product offered to individuals and via employer auto-enrolment.
• Penfold Plan (Default Plan)
• Sharia Plan

Products and services

• Penfold Pension The Penfold Pension is the umbrella personal pension / Group Personal Pension (GPP) product offered by Penfold Savings Limited (operator and administrator) and Penfold Trustees Limited (bare trustee). It serves both individual (self-employed) savers and UK employer-sponsored workplace auto-enrolment schemes. Members access the pension via the Penfold iOS/Android app or getpenfold.com to set up, contribute, transfer in old pots, choose an investment plan, monitor pot value and draw benefits from age 55.
• Penfold Workplace Auto-Enrolment Pension The workplace auto-enrolment variant of the Penfold Pension provided to UK employers as a Group Personal Pension. Includes a dedicated Auto-Enrolment Membership Schedule, contribution notice flow and default Plan treatment that satisfies Pensions Act 2008 automatic enrolment requirements. Backed by dedicated account managers (not chatbots) for employer onboarding.
• Penfold Plan (Default Investment Arrangement) The default investment plan that members are placed in if they make no active choice. Invested in the BlackRock Life Custom Multi Asset Fund for Penfold via the Seccl Platform with an Annual Fee of 0.75% on the first £100,000 and 0.40% on amounts above. Targets a long-term return of at least inflation + 2.5% via a diversified multi-asset strategy that de-risks across a member's lifetime, with a stated allocation to listed private assets to capture private-market benefits while maintaining daily liquidity.
• Standard Plan Self-select lifestyle plan built on BlackRock's MyMap range of risk-controlled multi-asset funds. Annual Fee of 0.75% on the first £100,000 and 0.40% above that; aimed at members who want to choose a non-default risk profile.
• Sustainable Plan Self-select ESG-tilted lifestyle plan invested in the BlackRock MyMap Select ESG funds. Annual Fee of 0.75% on first £100,000 and 0.40% above that; intended for members who want an enhanced tilt toward ESG considerations relative to the default.
• Sharia Plan Shariah-compliant investment plan invested in the HSBC Islamic Global Equity Index Fund. Higher Annual Fee of 0.88% on first £100,000 and 0.53% above that; investment principles do not permit collection/payment of interest on temporary cash balances, with Penfold donating any interest collected to charity.
• Pensions by Penfold Mobile App Native mobile app (Pensions by Penfold) available on the Apple App Store and Google Play Store that lets members sign up, make contributions, view and manage their pension pot, transfer in old pensions, change investment plans and access in-app/webchat support via Intercom.

Named customers14 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered core asset management partner, core asset management partner (sharia), core investment infrastructure provider, custody / operational, strategic advisory - investment adviser, critical regulatory governance partner, operational compliance vendor, customer support tooling and infrastructure (undisclosed vendors).

• BlackRockcore asset management partnerTechnology or IntegrationAppointed as primary asset manager for Penfold's fund range: the BlackRock Life Custom Multi Asset Fund for Penfold underpins the default Penfold Plan, the BlackRock MyMap range underpins the Standard Plan, and the BlackRock MyMap Select ESG range underpins the Sustainable Plan. Also responsible for executing voting rights on underlying equities on members' behalf.
• HSBCcore asset management partner (sharia)Technology or IntegrationProvides the HSBC Islamic Global Equity Index Fund that underpins Penfold's Sharia Plan; charges a 0.30% AMC taken within the fund. Investment principles for the Sharia Fund do not permit interest on temporary cash balances, which Penfold donates to charity.
• Seccl Platformcore investment infrastructure providerTechnology or IntegrationInvestment platform that hosts the funds offered to Penfold Pension members and supports the default and self-select fund ranges.
• Bank of New York Melloncustody / operationalTechnology or IntegrationCustodian of Penfold's Life Policy Assets; pooled cash is temporarily held in a UK bank account opened in the name of Penfold Trustees.
• Dean Wetton Advisorystrategic advisory - investment adviserImplementation/ SI/ Consulting PartnerActs as Investment Adviser to the Penfold Pension; consulted on preparation of the Statement of Investment Principles, advises on suitability of default and self-select funds, and supports ongoing investment reviews.
• PTL Governance Ltdcritical regulatory governance partnerOthersOperates the PTL Governance Advisory Arrangement ('GAA') that provides independent oversight of value for money for Penfold Pension members, raises concerns with the Penfold board, and escalates to the FCA when needed; chaired by Dan Richards (Client Director, PTL Governance). GAA terms signed by Peter Hykin (Director, Penfold) on 22 March 2022.
• Contego Solutions Limited (Northrow)operational compliance vendorTechnology or IntegrationProvides third-party identity verification and anti-money-laundering checks referenced in the Penfold privacy policy (company registered number 7358038).
• Intercomcustomer support toolingTechnology or IntegrationProvides customer support cookies that connect to user accounts to enable personalised in-app help and chat.
• Cloud-server companiesinfrastructure (undisclosed vendors)Technology or IntegrationGeneric category of cloud-server providers used to 'store all of the data that we have safely and securely' as described in the privacy policy; specific vendors not named.
• VitalityOthers

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Aviva (Workplace Pensions): One of the largest UK life and pensions incumbents, with a substantial workplace pensions and group personal pension book. Comparable as the dominant incumbent competitor Penfold must displace in employer mandates.
• Scottish Widows: Major UK life and pensions provider with a large workplace and personal pension book, owned by Lloyds Banking Group. Comparable as an incumbent UK pensions competitor with deep employer relationships and brand recognition.
• NEST (National Employment Savings Trust): UK government-backed workplace pension scheme set up under the Pensions Act 2008 to support auto-enrolment. Not a direct digital challenger, but the dominant scale player in UK workplace pensions that Penfold competes against for AE mandates.

Direct peers

• PensionBee: UK-listed (LON: PBEE) digital pension provider offering personal pensions and workplace pensions via an app, with a similar fee-on-AUA revenue model and direct-to-consumer plus employer GTM. It is the closest publicly comparable to Penfold in product, customer and channel mix.
• Smart Pension: UK workplace auto-enrolment pension platform with a strong employer and adviser channel and a master trust structure. Comparable to Penfold on target customer (UK employers, especially SMEs) and on regulated pension wrapper model.
• NOW: Pensions: UK workplace pension provider operating a master trust for auto-enrolment, serving thousands of UK employers. Directly comparable to Penfold's workplace pension business on customer, regulatory wrapper and distribution model.
• The People's Pension: Multi-employer UK workplace pension scheme (master trust) administered by B&CE, focused on auto-enrolment for employers of all sizes. Comparable to Penfold on the regulated workplace pension wrapper and on serving UK SMEs.
• Cushon: UK digital workplace pension and savings provider offering auto-enrolment, salary sacrifice and a Net Zero default fund. Comparable to Penfold on digital-first workplace pension model, ESG/Sharia-adjacent product positioning and SME target market.
• Moneyfarm: UK and Italy digital wealth manager with a personal pension (SIPP) product alongside general investment and ISA offerings. Comparable to Penfold on retail digital pension wrapper, fee-on-AUA model and self-serve app-led UX.

Regional players

• Wealthsimple: Canadian digital wealth and retirement (RRSP/TFSA) platform with a self-serve app-led model and recurring fee-on-AUA revenue, structurally analogous to Penfold but serving the Canadian retail retirement market rather than the UK.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Getpenfold
• LinkedInlinkedin.com/company/penfold-technology

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Penfold