Jessica O'ConnorDigital pension provider Penfold has passed £1bn in assets under administration as employers increasingly shift away from legacy workplace pension systems.
The company said rising demand for simpler, more engaging pension services has fuelled its rapid growth.
Penfold now supports thousands of employers and more than 100,000 savers across the UK, working with organisations ranging from startups to large enterprises.
Its expansion has been bolstered by uptake from several global firms operating in the UK, including Deel, Anthropic and Tide.
Chris Eastwood, CEO and co-founder of Penfold, said: “Workplace pensions should be something people actually use – and feel good about.
“Employers want a pension that’s easy to run and strengthens their financial wellbeing offering – giving staff greater clarity and confidence about their long-term finances, which supports engagement and retention in a competitive labour market.
“Employees, meanwhile, want a pension they can understand – one that gives them confidence their savings are on track. That’s what we’ve focused on delivering, and the momentum we’re seeing shows just how much the market has been waiting for a service that puts experience first.”
The company has grown assets under administration by 75% in the past year, from £570m to more than £1bn, continuing a three-year revenue growth rate of 935%.
Penfold attributes the trajectory to employer demand for straightforward and transparent providers that offer tools to support long-term financial security.
Penfold has added 10 new partnerships, including with accounting platforms Xero and FreeAgent, enabling businesses and accountants to manage pension tasks within their existing systems.
It has also introduced a self-serve pension setup process for small businesses and improved automation for salary sacrifice to support tax-efficient contributions.
Eastwood added: “The feedback we get is consistent; businesses want to spend less time on pension admin and more time supporting their people. Our tools that make that possible.”
The company’s service-led model continues to gain recognition, with a 4.7 Trustpilot rating and recent inclusion in The Telegraph’s Best Pension Providers 2025 list, Sifted’s Fastest Growing UK and European Startups 2025, and the Deloitte UK Fast 50 2025.
Eastwood continued: “Employers are looking for a pension partner they can rely on. We take that responsibility seriously. Growth only matters if we continue to deliver a service people believe in.
“Saving for retirement shouldn’t feel confusing. When people understand their pension and can see real progress, they stay engaged and feel more secure about their future.
“Our growth shows that when employers and savers are empowered by clarity and confidence, everyone benefits. The industry needs a reset – and this is only the start of that shift.”
