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
Small and growing businesses
Pricing model
Free for employers; members pay charges
Free for employers; members pay one annual fee
UK presence
Workplace pension scheme
Since 2019
Regulator
Master trust supervised by The Pensions Regulator
FCA-authorised (see FCA Register)
Strapline
Nest is the workplace pension scheme set up to support automatic enrolment. It is free for employers to use.
Penfold is a digital pension provider offering workplace pensions for employers and personal pensions for the self-employed.
What's included
- Free for employers. There are no charges for employers.
- Public corporation. Run by Nest Corporation, accountable to Parliament through the DWP.
- Fund choices. Retirement Date Funds by default, plus higher risk, lower growth, ethical and Sharia options.
- Online administration. Employers manage enrolment and contributions online.
- 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.
At a glance
- Free for employers
- Public corporation
- No shareholders
- Any size of employer
- FCA-authorised
- Launched 2019
- Free for employers
- Self-employed pensions too
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.