PenfoldPersonal Pension
£25 Free Cash
Value
£25
Penfold is a UK digital pension provider used by over 100,000 people. You set up a personal pension from your phone in around 10 minutes, pay in whatever you like whenever you like, and HMRC adds 20% basic-rate tax relief to every contribution automatically. Higher-rate taxpayers can claim the extra relief through Self Assessment.
Customers
100k
UK accounts
Founded
2019
7 years old
App Store
4.8 ★
1.1k reviews
Google Play
4.9 ★
0.3k reviews
Live offers
1
Worth £25
Penfold Savings Limited is authorised and regulated by the Financial Conduct Authority (FRN 826097). The Penfold Plan is 100% FSCS-protected; other Penfold plans are covered by the FSCS up to £85,000 per person. Pensions are an investment, your capital is at risk, and you cannot access funds until age 55 (rising to 57 in 2028).
Penfold at a glance
An app-first personal pension built for self-employed people who don't get one through work. Quidsy has a referral that doubles your first £25 deposit once tax relief and the bonus arrive. Ideal for freelancers, contractors, or anyone juggling old workplace pensions. Just remember the money is locked away until you turn 55.
Updated:
Current Penfold offers
Review notes· 5 min read
Penfold details
Penfold is a UK digital pension provider used by over 100,000 people. You set up a personal pension from your phone in around 10 minutes, pay in whatever you like whenever you like, and HMRC adds 20% basic-rate tax relief to every contribution automatically. Higher-rate taxpayers can claim the extra relief through Self Assessment.
Penfold launched in 2019 and is authorised and regulated by the Financial Conduct Authority (FRN 826097), with FSCS protection that depends on the plan you pick (more on that below).
It works best for self-employed workers, freelancers, contractors, and company directors who don't get a workplace pension by default. It's also useful if you've picked up a few old workplace pensions from previous jobs and want them in one place, since Penfold handles the transfer paperwork for you.
If you want a low-jargon pension you can run from your phone, it's a sensible fit. If you want to pick individual shares or funds yourself, a full SIPP from an investment platform will give you more control than Penfold's pre-built plans.
Is Penfold safe?
Yes. Penfold Savings Limited is authorised and regulated by the Financial Conduct Authority (FRN 826097). FSCS protection depends on which plan you pick: the Penfold Plan (the default) is 100% FSCS-protected with no upper cap, because it's structured as a long-term insurance contract. Other plans (including the Sustainable and Sharia plans) are covered up to £85,000 per person under the standard investment-business FSCS rules.
Your assets are held separately from Penfold's own finances by Penfold Trustees Limited as bare trustee. Custodian services are provided by Bank of New York Mellon for Penfold Plan assets and Seccl Custody for other plans.
A couple of safety points worth knowing. First, a pension isn't a savings account: it's an investment, so the value can go down as well as up. Penfold's default plans use BlackRock MyMap funds, which gradually shift to lower-risk assets as you approach retirement.
Second, pension money is locked. You can't access it until age 55 (rising to 57 in 2028). That's a feature of UK pensions in general, not a Penfold quirk, but it's worth checking you're comfortable with that before paying anything in beyond the £25 referral.
Who is Penfold for?
Penfold is designed for self-employed workers, freelancers, contractors, and anyone who wants a simple way to top up their pension. It is also useful for consolidating old workplace pensions into one place. If you want a straightforward pension without the jargon, Penfold is a good fit.
What does Penfold do?
Set up in minutes
Open a personal pension from your phone in under 10 minutes. No paperwork, no financial adviser needed.
Flexible contributions
Pay in whatever you want, whenever you want. No minimum monthly amount, which makes it well suited to irregular freelance income.
20% tax relief added automatically
HMRC adds basic-rate tax relief to every contribution. Pay in £100 and £125 lands in your pension; higher-rate taxpayers can claim the extra through Self Assessment.
Consolidate old pensions
Transfer old workplace pensions into Penfold so you can see everything in one place. Penfold handles the transfer paperwork, though you should check whether your existing provider charges an exit fee.
Pros and cons
What stands out
4 pros- Simple, no-jargon app, set up in under 10 minutes
- Flexible contributions with no minimum, well suited to irregular income
- 20% tax relief added automatically by HMRC on every contribution
- FCA-regulated; Penfold Plan is 100% FSCS-protected, other plans up to £85,000
Worth knowing
3 cons- Pension funds locked until age 55 (rising to 57 in 2028); not for short-term saving
- All-in fee of 0.75% per year on standard plans, 0.88% on the Sharia plan; not the cheapest pension on the market
- Limited fund choice: you pick from Penfold's pre-built plans, not individual shares or funds like a full SIPP
Penfold makes pension saving painless. The app is clean, contributions are flexible, and HMRC tops up every deposit with 20% basic-rate tax relief. For the referral, you pay in £25 and £50 lands in your pension once HMRC's tax relief (£5) and Penfold's referral bonus (£20) both arrive. Your £25 has doubled.
The thing to be aware of is that this is a real pension. Your deposit and the bonus are locked until retirement age (currently 55, rising to 57 in 2028). You can transfer to another pension provider down the line, but you can't withdraw early.
The fees aren't the cheapest going either, so if you plan to use Penfold as your main long-term pension, it's worth comparing against PensionBee, AJ Bell and Vanguard once you've claimed the £25. If you're just here for the bonus, deposit the £25, leave it to grow, and you've got one of the easiest offers on the site.
Penfold FAQs
Penfold charges a single all-in annual fee on the value of your pension, deducted monthly. Standard, Sustainable and Penfold Plans cost 0.75% per year (split between Penfold and BlackRock), and the Sharia Plan costs 0.88%. Both rates drop on the portion of your pension above £100,000 (to 0.4% and 0.53% respectively). Penfold doesn't earn anything from the £25 referral bonus itself, that comes out of their marketing budget.
There's no minimum to open a Penfold personal pension, you can start with £1 if you want. The current Quidsy referral offer requires a £25 deposit to trigger the bonus (as of May 2026), but the account itself has no minimum balance, no monthly fee, and no requirement to pay in regularly. That makes it well suited to self-employed workers with uneven income. You do need to be UK-resident and eligible for tax relief, since the bonus relies on HMRC's tax top-up.
Yes, in principle. A pension is an investment, not a savings account, so the value can go up and down with the market. Penfold's default plans use BlackRock MyMap funds, which gradually move from higher-growth assets into lower-risk ones as you approach retirement. Over a typical pension timescale of 20+ years, markets have historically gone up overall, but there's no guarantee, and short-term dips are normal.
Penfold charges a single all-in annual fee that covers platform, fund management and admin. The Standard, Sustainable and Penfold Plans are 0.75% per year, the Sharia Plan is 0.88%. Both reduce on the portion of your pension over £100,000, to 0.4% and 0.53% respectively. There are no contribution fees, no exit fees, and no charges for transferring pensions in, though your existing provider may charge an exit fee at their end.
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£25 Free Cash is the strongest live Penfold route we have listed right now.