Penfold launches workplace auto-enrolment pension scheme

Digital pensions platform Penfold has announced the launch of its workplace pension, with over 100 UK businesses and over 5,000 workplace members signed up.

The launch of the auto-enrolment scheme brings its total membership up to 45,000 savers.

Of the 5,000 users on Penfold’s workplace pensions platform, 40 per cent have found and transferred their old pension pots through the provider’s tracing and transfer tools.

The auto-enrolment scheme is designed to give employees greater control and ease of access over their pension, Penfold stated.

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

The firm stated that its workplace members checked their balance on average six times a month, and their clients include Elvie, Capital on Tap, Cuvva and Lendable.

“It’s Penfold’s mission to give employees greater control over their pension, all while improving efficiency and reducing cost for businesses,” commented Penfold co-founder, Pete Hykin.

“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.

“It’s no surprise to us that 40 per cent 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.”

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