Penfold, a digital pensions platform, has joined Starling Bank’s Personal Marketplace, enabling customers to set up a Penfold pension via the Starling app.
Starling’s Personal Marketplace connects customers to third-party products and services, allowing them to select the ones that are right for them and providing visibility into all of their financial products in one place.
Savers also have the option of managing their pension by pausing or increasing contributions, as well as tracking the value and growth of their pension pot via their highly-rated app.
Starling bank customers have had access to Penfold since July 2020 which was previously only available to business owners. Penfold has since expanded its mandate beyond the self-employed to create personal pensions for employed savers looking to transfer old pots and take control of their retirement savings.
Penfold co-founder Chris Eastwood says: “The introduction of Penfold to Starling’s Personal Marketplace is evidence of our growth as a business and development of our offerings to all types of savers. As well as expanding our service to employed people, we’ve also seen a 341 per cent year-on-year growth in the number of successful pension transfers between 2021 and 2020., and we hope our addition to Starling’s Personal Marketplace will help more of these tech-savvy savers to build a pension pot for later life.
“Financial services can be very disjointed, with lots of different apps and services for customers to keep track of. So, by integrating Penfold onto Starling’s marketplace, we aim to provide savers with the opportunity to take advantage of setting up an engaging, accessible and high performing pension, alongside being to manage their other finances all in one place.”
Starling Bank head of marketplace and banking services William Boocock says: “Our personal account integration with Penfold will allow our customers to see their pension in their banking app enabling them to better understand what they have saved, and their financial situation as a whole.”