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
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4.8 ★
1.1k reviews
Google Play
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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).
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.
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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.
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.
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.
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.
Open a personal pension from your phone in under 10 minutes. No paperwork, no financial adviser needed.
Pay in whatever you want, whenever you want. No minimum monthly amount, which makes it well suited to irregular freelance income.
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.
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.
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.
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£25 Free Cash is the strongest live Penfold route we have listed right now.
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