Penfold provides a pension management platform that allows users to consolidate multiple pension accounts and track their retirement savings through a user-friendly app. The service enhances employee engagement and simplifies pension processing for employers and accountants, reducing administrative time and ensuring compliance with contribution regulations.
Funding
$22.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
BGCECPAWMFounders
Product
Problem
Many individuals find traditional pension schemes outdated, difficult to use, and hard to keep track of, leading to disengagement with retirement savings. Employers and accountants also face challenges with time-consuming pension administration, payroll errors, and ensuring compliance with complex regulations.
Solution
Penfold offers a modern, user-friendly pension platform designed to simplify retirement savings for individuals, employers, and accountants. The platform allows users to consolidate multiple pension accounts, track savings, and adjust contributions through an engaging mobile app. For employers and accountants, Penfold streamlines pension processing, reduces administrative burdens, and ensures compliance with contribution regulations through an intuitive online platform. By automating key processes and providing clear visibility over contributions, Penfold helps businesses save time and minimize errors in payroll management.
Target Audience
Penfold targets individual savers looking for a more engaging and accessible pension experience, as well as employers and accountants seeking to streamline pension administration and ensure regulatory compliance.
Features
- Mobile app for savers to track and manage their pension, combine old pots, and adjust contributions.
- Investment options that align with individual values and risk appetite.
- Retirement lifestyle projections, including State Pension estimates, to help users set realistic savings goals.
- Online platform for employers and accountants to automate pension processing and payroll.
- Automated error checking to ensure 100% data accuracy in contribution reporting.
- Compliance tools to maintain control and visibility over employer and employee contributions.
- Dedicated account managers and customer support available via in-app chat, email, or phone.
- Seamless switching service to manage transfers from old pension providers.