Provider comparison
NEST vs Penfold
Side-by-side comparison from the PerkIQ directory. Cover, pricing, regulator status, and fit at a glance.
Category
Pension & Retirement
Pension & Retirement
Best for
Any size
1-500 employees
Pricing model
Free for employer; 1.8% contribution charge + 0.3% AMC
0.75% AMC for members
UK presence
Since 2010
Since 2018
Regulator
TPR
TPR
Strapline
NEST (National Employment Savings Trust) is the government-backed master trust set up to support auto-enrolment. Free for employers, simple to use, and the default choice for many UK SMEs.
Penfold is a digital workplace pension built for modern SMEs and self-employed workers. Simple setup, transparent fees, and a beautiful app that members actually engage with.
What's included
- Free for employers. No setup or ongoing employer fees. Member charges fund the entire scheme.
- Government-backed. Public service obligation means NEST cannot refuse any employer, making it the universal fallback for auto-enrolment.
- Multiple default fund options. Higher Risk Fund, Lower Risk Fund, Ethical Fund, and Sharia Fund all available to members.
- Payroll integrations. Direct integrations with all major UK payroll providers for automated contribution submission.
- Mobile-first member experience. Polished iOS and Android app where members see balances, change contributions, switch funds, and project retirement income.
- Self-serve employer setup. Sign up online and start auto-enrolment in under 30 minutes. No paperwork or broker required.
- Sustainable default fund. ESG-aligned default fund with explicit climate and exclusion screens.
- Self-employed + employer in one app. Contractors and consultants can continue contributing between gigs without opening a separate scheme.
Who it's for
- Any employer needing a reliable default: NEST is government-backed and has a public service obligation to accept every employer.
- Lower-paid or high-turnover workforces: no employer charge and universal acceptance make it a common choice for these teams.
- Employers prioritising security and simplicity: a proven, large-scale master trust over a polished member app.
- Employers wanting an engagement-led experience: the member app is more functional than slick.
- Those wanting wide fund choice: NEST's fund range is deliberately limited.
- Modern SMEs: a clean, app-led pension that members actually open and engage with.
- Businesses with contractors or self-employed staff: employees and the self-employed can use one app, useful for blended workforces.
- Employers prioritising simplicity: quick setup and transparent fees over legacy scale.
- Very large employers: master trusts like NEST or Smart Pension offer more scale and track record.
- Schemes needing complex, advised governance: Penfold is built for straightforward auto-enrolment.
At a glance
- TPR authorised
- Government-backed
- 12m+ members
- 1m+ employer schemes
- Free for employers
- Any size eligible
- TPR authorised
- Founded 2018, London
- Self-employed & employer plans
- Mobile-first member experience
- 0.75% AMC
- Free employer onboarding
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.
