Digital pension platform Penfold launches workplace pension

Penfold’s workplace pension offering is an auto-enrolment scheme designed to give employees greater control and ease of access over their pension

Penfold, the digital pensions platform, today announced the launch of its workplace pension and has already signed over 100 UK businesses and over 5,000 workplace members, bringing their total membership up to 45,000 savers.

Of the 5,000 users currently benefitting from Penfold’s workplace pensions platform, 40% have found and transferred old pension pots over to Penfold, making the most of the provider’s tracing and transfer tools and high-performing funds.

Penfold’s workplace pension offering is an auto-enrolment scheme designed to give employees greater control and ease of access over their pension.

Staff can choose from four different pension plans, including sustainable and Shariah options, giving savers the freedom to adjust investments dependent on their values and appetite for risk.

The pensions provider is gaining traction among UK businesses that are looking to improve employee engagement and attract top talent in a competitive job market via their pension scheme. Penfold’s workplace members check their balance on average six times per month, demonstrating the app is already engaging employees with their savings.

Penfold’s client list already includes a roster of high-growth and innovative companies including Elvie, Capital on Tap, Cuvva and Lendable.

Pete Hykin, Co-Founder at Penfold, comments: It’s Penfold’s mission to give employees greater control over their pension, all while improving efficiency and reducing cost for businesses. The momentum we’ve experienced since launch indicates businesses are quickly recognising the benefits of managing staff pensions through an innovative tech-based platform like Penfold.

He says: It’s no surprise to us that 40% of users have already transferred previous pension pots to the Penfold platform. It’s proof that employees are after greater control over the pension, via one single, easy-to-use platform that supports their long-term financial wellbeing.