It’s time to bring pensions to 21st century Release Your Pensions
- Meet Penfold, a UK -based digital pension provider.
- It wants to modernize the UK pension landscape and make it easier for the self -employed to save for the future.
- To help achieve this, Penfold raised $ 8.5 million.
London -based Penfold wants to break digital and modernize the UK pension industry, specifically for the self -employed who often struggle to save for retirement.
Penfold CEO Pete Hykin said TechCrunch: “I’ve been self-employed for two years so there’s no pension. I’ve tried five times to set up one of the Scottish Widows, Standard Life, AJ Bell, etc. I gave up, because they all forced you to print something, call them, or talk to an IFA.
“In a previous company, I set up a workplace pension for 70 staff and none of them engaged. Many left money on the table as a result.”
Today the startup has raised $ 8.5 million; The $ 4 million of which came through a crowdfunding campaign.
The investment cycle was led by the Bridford Group and the family office of Jorg Mohaput, an investor in Angel. MMC Ventures also participated in the rotation.
Unlike the outdated nature-based paper in the rest of the UK pension space, the Penfold-approved FCA-approved app is quick and easy to set up and use. This allows savers to choose from five investment plans that best suit their preferences.
Important for the self -employed, the Penfold platform allows them to receive their tax assistance bonus directly from HMRC into their Penfold pension pot, as well as enable them to combine previous pension pots into their Penfold one.
The company plans to use the funding to continue to establish the modern pension platform, including the launch of a workplace pension scheme.
This offer is free for employers and includes support to help them with the switchover. It also provides benefits, perks, and salary sacrifice schemes directly to employees who enroll in the scheme.
Penfold clearly wants to bring pension efficiencies to the UK with the help of technology – and in doing so, challenge other digital pension options to market: PensionBee.
[Read more: The dawn of employee-centric business]
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