Penfold is transforming the £8 trillion UK pensions industry by making saving for retirement simple, accessible and engaging.

Offering a modern workplace pension that’s loved by businesses, accountants and savers alike, Penfold delivers an award-winning digital experience with dedicated support and industry-leading customer satisfaction. Its platform makes it easy for employers to set up and manage a pension, implement salary sacrifice, and offer an employee benefit their team will actually use.

Our £3.9mn investment will be used to further grow Penfold’s presence across the UK SME and accountancy markets and accelerate the development of its pension app with new features for savers and businesses.

Investment rationale

The business has seen significant growth in recent years, with the number of employers using Penfold’s workplace pension tripling since the start of 2024 – from 1,200 to over 4,000 – and assets under administration rising by 91% to nearly £700 million by the end of Q1 2025.