Provider comparison
Smart Pension vs Penfold
Side-by-side comparison from the PerkIQ directory. Cover, pricing, regulator status, and fit at a glance.
Smart Pension and Penfold are both digital workplace pension providers. Smart Pension runs a master trust with online set-up and payroll integrations. Penfold launched in 2019 and runs workplace pensions, and pensions for the self-employed, through an app.
- Online set-up. Employers set up and run the scheme online.
- Member app. Employees check and manage their pension in an app.
- Payroll integrations. Connects to payroll software including Xero, Sage and IRIS.
- Fund choice. A default fund plus other options, including responsible investment funds.
- App-based pension. Members see their pot, change contributions and choose funds in the app.
- Free for employers. No charge to the business for the workplace pension.
- Workplace and self-employed. Employees and self-employed people can both use Penfold.
- Online set-up. Employers set up the scheme online.
- Authorised by The Pensions Regulator
- Digital set-up
- Member app
- Payroll integrations
- FCA-authorised
- Launched 2019
- Free for employers
- Self-employed pensions too
Which should you choose?
Smart Pension may suit you if payroll integrations with software such as Xero, Sage and IRIS matter to you. Employer charges depend on business size and set-up route.
Penfold may suit you if you want an app-led pension that is free for businesses, with members paying one annual fee, or if some of your people are self-employed.
Smart Pension's master trust is authorised by The Pensions Regulator; Penfold Savings Limited is authorised by the FCA. Compare charges and features, or speak to a financial adviser.
Pick the right one with data, not a sales pitch
Score your benefits stack with PerkIQ and you'll see which of these (or another provider entirely) closes the biggest gaps for your team.
Information on this page is editorial, gathered from public sources and the providers' own materials, and does not constitute financial advice or a recommendation. For a quote, contact each provider directly or speak to an FCA-authorised broker. PerkIQ is not a reseller and earns no commission on provider sign-ups.