+£25
Personal Pension10 mins
PenfoldPersonal Pension
£25 Free Cash•10 mins
£25 Free Cash
+£25What is Penfold?
Penfold is a UK digital pension provider that lets you set up a personal pension (SIPP) in minutes. Make flexible contributions from your phone and get 20% tax relief automatically added by HMRC. Ideal for self-employed workers, freelancers, or anyone wanting a simple top-up pension.
Penfold Savings Limited is FCA-regulated (No. 826097) and FSCS-protected up to £85,000. Your investments are in BlackRock funds, held in custody by Bank of New York Mellon. Founded in 2019 with around 100,000 customers.
Launched
2019
Customers
100k+
Key Terms
Profit
+£25
Upfront deposit£25
Free cash arrives2 months
Important: Pension funds locked until age 55+
Step by Step Guide
Chris's overview
Optional·1 min read
One of the simplest investment offers. Deposit £25, get £25 back (£20 from Penfold within 2 weeks, plus £5 HMRC tax relief in about 2 months).
This is a real pension, so your £25 deposit is locked until retirement age (currently 55, rising to 57 in 2028). The simplest approach is to just leave it growing as part of your overall pension pot. There are no exit fees if you ever want to transfer it to another provider.
Annual fund charge of 0.75% (about 38p a year on a £50 pot). If you are happy locking away £25 for the long term, this is an easy 100% return.
1
Sign up to Penfold
5 mins
- Click the button below to open Penfold via the referral link
- Create your account and verify your identity
- Choose a pension plan and risk level (you can change these later)
2
Deposit £25
3 mins
- Make a one-off payment of at least £25 into your pension
- Transferring an existing pension does NOT count. Must be a new deposit
- No recurring payments required. A single deposit is fine
3
Receive £25 bonus60d
2 mins
- Penfold adds £20 to your pension within 2 weeks of deposit
- HMRC adds £5 tax relief in about 1 to 2 months
- Total £25 bonus added directly to your pension pot
- If you enjoy using Penfold, continue building your pension with them
- If not, you can transfer to another pension platform with no exit fee. Penfold will sell your portfolio and transfer the balance across
Offer Complete
Done? Tick off each step above to see your total.
Penfold Full Review
Completed the offer? Awesome! Here's our full review on why Penfold could work well for you going forward.
Penfold is a UK digital pension provider that makes saving for retirement simple and accessible. Set up a personal pension (SIPP) in minutes from your phone, make flexible contributions, and get 20% tax relief automatically added by HMRC. Founded in 2019, Penfold Savings Limited is authorised and regulated by the FCA (No. 826097). Your pension is FSCS-protected up to £85,000. Investments are in BlackRock funds, held in custody by Bank of New York Mellon.
Is Penfold safe?
Penfold Savings Limited is authorised and regulated by the Financial Conduct Authority (FCA No. 826097). Your pension is protected by the FSCS up to £85,000 if Penfold were to fail. Your investments are in BlackRock funds (one of the world's largest asset managers) and held in custody by Bank of New York Mellon, meaning your money is kept separate from Penfold's own finances.
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.
Top Features
1
Set up in minutes
Open a pension from your phone in under 10 minutes. No paperwork, no financial adviser needed.
2
Flexible contributions
Pay in whatever you want, whenever you want. No minimum monthly amount. Perfect for irregular income.
3
20% tax relief automatically
HMRC adds 20% tax relief to every contribution. Deposit £100 and it becomes £125 in your pension.
4
Consolidate old pensions
Transfer old workplace pensions into Penfold to manage everything in one place.
Pros and Cons
Pros
- ✓Simple and intuitive app, easy to understand
- ✓Flexible contributions with no minimums
- ✓20% tax relief added automatically by HMRC
- ✓FCA-regulated with FSCS protection up to £85,000
Cons
- ✗Pension funds locked until age 55 (rising to 57 in 2028)
- ✗Annual management fee of 0.75% plus fund charges (total 0.71% to 0.88%)
- ✗Relatively new company, launched in 2019
Chris's Verdict
Penfold makes pension saving painless. The app is clean, contributions are flexible, and HMRC tops up every deposit by 20%. For the referral bonus, deposit £25, get £25 back. That is a 100% return.
The only thing to be aware of is that this is a real pension. Your £25 deposit is locked until retirement age (currently 55, rising to 57 in 2028). You can transfer to another pension provider, but you cannot withdraw the money early. If you are comfortable with that, this is one of the easiest offers on the site.
