Penfold sees huge uptick in pension transfers

Digital pensions provider Penfold says it now has over 40,000 customers, after more than trebling the number of pension transfers to its platform over the last 12 months.

Penfold, founded in 2018, started out as an app offering pensions for freelancers but has now branched out to offer workplace pension services too.

It says it now has more than 40,000 customers who have either taken out its personal, self-employed or workplace pension products.

This compares to the 18,178 customers it had at the end of 2020. 

Its jump in users has been driven by an uplift in individuals transferring from old pension providers to Penfold year-on-year, Penfold said.

Other statistics revealed by Penfold include a 238 per cent year-on-year uplift in the number of customers aged 30 or under, using its pension products.

The number of customers aged over 60 has also more than quadrupled, it said, meaning that around one-tenth of its customs are now 50 or over.

Last year Penfold, which is approved by the FCA to operate pensions rather than rely on third parties, closed an $8.5m (£6m) funding round, $4m of which was from a crowdfunding campaign. 

Last month, it teamed up with a research firm to pilot a scheme, which will allow freelancers to automatically save money each month towards their retirement.

Penfold launched the pilot scheme which it hopes will “level the playing field between self-employed savers and the wider working population”.

Chris Eastwood, co-founder of Penfold, said: “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.”