Penfold, a digital pension business, has seen a significant increase in pensions being transferred to its platform over the past year.
In Brief:
Penfold aims to offer an alternative to traditional pension.
It’s recorded a 341% increase in year-on-year pension transfers between 2020-2021.
More than 40,000 people are now using the platform to save.
What does this mean?
Penfold says that the current pensions industry “sets people up to fail” and aims to offer a transparent platform which helps people know how much they should be saving.
Much of its growth over the past year has been from younger customers now putting more thought into their pensions, with its customer base under 50 quadrupling and its customer numbers under 30 increasing by 238%.
