Provider comparison
TPT Retirement 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
50-50,000 employees
1-500 employees
Pricing model
AMC varies by scheme size
0.75% AMC for members
UK presence
Since 1946
Since 2018
Regulator
TPR
TPR
Strapline
TPT Retirement Solutions runs a multi-employer master trust with strong focus on responsible investing and member outcomes. Particularly strong for mid-market schemes (250+ members).
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
- DC master trust + DB administration. One provider for both defined-contribution master trust and ongoing defined-benefit scheme administration.
- Strong ESG investment options. Long-standing leadership in responsible investing, with multiple ESG-screened and impact funds.
- Professional trustee board. Independent trustee-led governance with experience across charities, public sector, and commercial schemes.
- Mid-market specialism. Scheme structures tuned for 250-50,000 member organisations rather than micro-business onboarding.
- 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
Not stated
- 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
- Not-for-profit
- Founded 1946
- Strong ESG focus
- Mid-market specialism
- Both DC master trust and DB administration
- 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.
