Provider comparison
Aviva 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
20-10,000+ employees
1-500 employees
Pricing model
0.4-0.75% AMC; some employer charges
0.75% AMC for members
UK presence
Since 2000 (as Aviva)
Since 2018
Regulator
FCA-authorised
TPR
Strapline
Aviva is one of the UK's largest workplace pension providers, offering Group Personal Pension (GPP) schemes alongside group risk products. A strong choice for SMEs wanting a trusted brand and bundled benefits.
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
- Group Personal Pension (GPP). Auto-enrolment-ready workplace pension with default and self-select fund ranges, plus drawdown at retirement.
- Group Life Insurance. Death-in-service cover from 2x to 10x salary, often bundled at favourable rates alongside the pension scheme.
- Income protection. Replaces a portion of salary if an employee is unable to work due to illness or injury. Strong rehabilitation support.
- Bundled risk products. Single-supplier convenience across pension, life cover, income protection, and critical illness, with consolidated admin.
- 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
- FCA authorised & regulated
- FTSE 100 listed
- 16m UK customers
- 2m+ workplace pension members
- Bundled risk products available
- Broker channel preferred for SMEs
- 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.
