Provider comparison
Scottish Widows 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
Businesses of all sizes
Small and growing businesses
Pricing model
On request
Free for employers; members pay one annual fee
UK presence
UK provider
Since 2019
Regulator
FCA and PRA regulated insurer (see FCA Register)
FCA-authorised (see FCA Register)
Strapline
Scottish Widows, part of Lloyds Banking Group, offers workplace pensions including a master trust and contract-based schemes.
Penfold is a digital pension provider offering workplace pensions for employers and personal pensions for the self-employed.
What's included
- Master trust. A trust-based workplace pension with an independent trustee board.
- Contract-based schemes. Group personal pension options for employers.
- Retirewell. An engagement portal to help employees plan for retirement.
- Employee app. Employees manage their pension in an app.
- 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
- FCA and PRA regulated
- Part of Lloyds Banking Group
- Master trust option
- Retirewell portal
- 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.