Penfold's pension assets under administration (AUA) have surpassed £1bn, marking a milestone that the digital provider said reflects growing demand from employers for scalable workplace pension solutions and improved value.

The digital provider's AUA has increased by 75 per cent over the past year, up from £570m, following a three-year revenue growth rate of 935 per cent.

The growth comes as the government and regulators have repeatedly highlighted the need for schemes and providers to deliver better value through consolidation, improved technology and stronger support for savers.

This is also in line with the growth agenda that lies behind the government's push for scale and consolidation, with the Pension Schemes Bill set to help deliver on its plans for DC 'megafunds'.

Indeed, Penfold said the increase was a result of a "growing appetite" among employers for straightforward, transparent pension provision that supports financial wellbeing and reduces administrative burden.

Echoing this, Penfold chief executive and co-founder, Chris Eastwood, argued that employers increasingly want a pension that is “easy to run” and strengthens their financial wellbeing offering, helping staff feel more confident about their long-term finances.

"Savers, meanwhile, are looking for a product they can understand and trust," he continued.

“The momentum we’re seeing shows just how much the market has been waiting for a service that puts experience first.”

Eastwood added that feedback from employers was consistent: they want to spend “less time on pension admin and more time supporting their people”, adding that Penfold’s tools are designed to deliver "exactly that."

However, he warned that growth would only remain meaningful if the provider continued to meet the expectations of employers and savers.

With this in mind, he stated that Penfold is investing further in engagement tools to help members understand their pension savings and expanding its support teams to maintain service quality.

“Saving for retirement shouldn’t feel confusing,” he concluded.

“When people understand their pension and can see real progress, they stay engaged and feel more secure about their future.

"The industry needs a reset - and this is only the start of that shift.”

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