Startup of the Week - Penfold
by Startacus Admin
Penfold - The fintech startup that's making it a doddle for the self-employed, freelancers and contractors to organise their pensions...
Pensions are never an easy subject to get your head around. However when you’re self-employed it can be even harder. With recent stats showing that only 14% of the UK’s self-employed people are actively saving for old age, it’s clear that it is an issue that needs addressing. And that is just what our latest startup of the weekis aiming to do. Penfold is a fintech startup that provides pensions for the self-employed, freelance and contractors.
Recognising that it can be difficult when you are self-employed or freelance to accurately predict your income, they have ensured that their pension solution is fully flexible. Once you open your account, you can add to, change or even stop your payments at any time. An account can be set up in a matter of minutes and you can therefore start saving straight away.
If you’ve had other pensions in the past, they can hunt them down for you and consolidate them, therefore making it much easier for you to assess what you’ve got.
Also, as the government adds a 25% bonus to everything you save into a pension, Penfold will sort that for you. No need for you to do anything - they’re on top of it.
In terms of fees, all Penfold customers pay a single fee of 0.75% per year based on the average value of their pension in that particular year.
Pensions can be a pretty complex affair at the best of times and when you’re self-employed or freelancing, they can unfortunately be way down the list of your priorities.
Therefore we reckon the fact that Penfold is taking charge and removing the hassle means it ought to be welcomed with open arms!
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Published on: 17th January 2020
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