Penfold now has over 100,000 savers and £750 million in assets under administration.
The firm reports that it has quadrupled its customer base in three years, amid rising demand for digital workplace pensions. Penfold provides workplace pensions for over 4,000 businesses, including more than 3,000 small firms with fewer than 10 employees, 500 SMEs, and several large organisations. In total, more than 55,000 employees are saving through Penfold.
According to the firm, in the last 14 months, users contributed over £205 million. This is more than in the previous five years combined. Meanwhile, assets under administration have passed £750 million, with the company expecting to reach £1 billion soon.
Additionally, around 45,000 of its customers are aged 35 or under, which Penfold says reflects growing uptake among younger savers.
Penfold co-founder Chris Eastwood says: “Reaching 100,000 savers is a huge moment for the team at Penfold. We’ve always set out to build a pension people genuinely want to use – one that supports them throughout their working life and into retirement. The response from businesses has been amazing. Whether it’s helping teams save more with salary sacrifice or simply offering a better saving experience, employers are clearly ready for something new. And we’re here to make that happen.”
