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 modern, digital workplace pension providers, but they target slightly different employers. Smart Pension is an established master trust used by tens of thousands of UK employers. Penfold is a newer, design-led pension built around SMEs and self-employed savers, with a strong focus on member engagement.
- Fast setup. Sign up online and start auto-enrolment in under an hour. No paperwork, no broker required.
- Member app. Mobile-first pension management, employees can change contributions, switch funds, and project retirement income in-app.
- Sustainable default. Smart Sustainable Growth fund is the auto-enrolment default, with ESG screens and climate alignment baked in.
- API integrations. Native integrations with major UK payroll systems (Xero, Sage, BrightHR, Iris) for automated contributions.
- 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.
- SMEs wanting low-admin auto-enrolment: fast online setup and strong payroll integration remove most of the monthly burden.
- Employers who value a modern member app: the digital-first experience helps staff engage with their pension.
- Growing businesses: a scalable master trust that runs the scheme governance for you.
- Employers wanting a bespoke, advised scheme: master trusts trade tailoring for simplicity and scale.
- Buyers chasing the lowest possible charge: compare the member AMC case by case before deciding.
- 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.
- Master trust authorised by TPR
- 1.5m+ members
- 70,000+ employer schemes
- Self-service setup in <1 hour
- AMC 0.45-0.75%
- Sustainable default fund
- TPR authorised
- Founded 2018, London
- Self-employed & employer plans
- Mobile-first member experience
- 0.75% AMC
- Free employer onboarding
Which should you choose?
Choose Smart Pension if you want an established master trust with scale and fast onboarding. Used by tens of thousands of employers, it combines quick online setup with a competitive annual management charge, suiting businesses that want a proven digital provider.
Choose Penfold if member engagement and a polished experience are the priority, particularly for smaller teams. Its app is built to be genuinely engaging, with transparent fees, which can lift how staff perceive the pension.
Both are digital-first and regulated for workplace pensions. Smart Pension leans on scale and breadth; Penfold on a modern, engagement-led experience for SMEs.
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.
