Penfold surpasses £1bn milestone as demand for modern workplace pensions accelerates

Digital 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%.