Penfold more than trebles pension transfer volumes as it steps up support for British savers

Penfold, the digital pensions platform, has today announced the latest results in its efforts to transform the way people save for their retirement, reporting a 341% year-on-year growth in the number of successful pension transfers between 2021 and 2020.

This takes Penfold’s total user base to more than 40,000 savers, across its Personal, Self-Employed and Workplace pension products, less than two years on from launch (2019) and within nine months of gaining full FCA permissions as a pension provider (April 2021).

During what has been a difficult year for savers, Penfold has made a concerted effort to help people engage with their pension savings, which has resulted in a 238% increase in the number of customers aged 30 or under using the platform– a demographic that the pensions industry has historically struggled to engage.

In a further boost for the digital pensions platform, the number of customers aged over 50 has more than quadrupled, and now accounts for approximately one tenth (10.99%) of the platform’s user base.

Chris Eastwood, Co-founder at Penfold, comments:

“Having all your pension pots together in one place gives you real peace of mind, making it so much easier to view how much you‘ve saved so far and how much more you need to reach your retirement goals. However, difficult and confusing processes have prevented savers from finding and transferring their pensions, meaning they are missing out on the benefits that consolidating your pots brings.

At Penfold, we aim to make pensions easy. That means if you transfer your pensions with us, our friendly customer service team, assisted by our smart in-house technology, support you with finding and liaising with your old provider, coordinating any documents you need to send or sign, and keeping you updated at every step in the process. Above all, we prioritise simplicity and excellent customer service.

We are delighted that our commitment to making pensions easy has resonated so strongly with customers and has allowed us to achieve this level of growth. Looking ahead to 2022, we’re excited to continue to support thousands more savers in transferring their pensions and helping them to feel more certain about their financial future.”