How Penfold is Bridging the Pension Advice Gap for Moneyweb's Clients

“Everyone needs an auto-enrolment pension scheme, so why not use the best one?”

- Chris Binns, Chartered Financial Planner at Moneyweb

Meet Moneyweb

Moneyweb are bespoke Independent Financial Advisers that specialise in private client portfolio management. Based in North Yorkshire, they provide financial advice to individuals at all stages of their financial planning cycle.

We spoke to Chris Binns, Chartered Financial Planner at Moneyweb, about how the team is using Penfold’s pension scheme to help their clients set employees up for retirement in a socially and financially responsible way.

The issue

Moneyweb were looking for user-friendly pension providers to recommend to their clients when they discovered Penfold.

“We already have existing relationships with well-known pension providers but quickly found their offerings were inflexible: while certain terms were available to some businesses, others weren’t able to access those same terms. That reflected badly on our practice,” says Chris.

He also saw there was a big lack of engagement around pension planning at the employee level – and that employees aren't aware of their pensions. “Most are walking into a retirement they don’t know much about. If they are lucky, their current provider will send them statements.”

Because of this, he noticed many employees are reluctant to manage their pensions. “Most individuals are afraid to talk about their pension – they know their importance but not how they work.”

In nearly all cases, people have to understand their current situation to make the right decisions about their investments. Yet traditional pension providers make this hard to achieve with paper letters and understaffed call centres.

Getting access to an app that allows them to see, understand and engage with their pension helps employees to feel valued, empowered, and confident about their financial future. This means employees are more motivated, employers are better recognised for their pension contributions, and the financial advice offered by Chris and the Moneyweb team is seen in a whole new light – as an invaluable resource.

Enter Penfold

Moneyweb quickly found that, like their own business, Penfold was tech-savvy and relationship-driven. “Penfold really stands out with the customer service it offers,” says Chris. “We have ongoing relationships and direct phone numbers to all our contacts there. Every time we call, they’re happy to help with our requests, they’re so much more flexible and on top of things than any other pension provider I’ve spoken to.“

But it's not just this level of customer service that sealed the deal for Moneyweb – it’s the innovative Penfold approach that attracted them. After all, Moneyweb has adopted Penfold as its own pension provider, so they feel very comfortable recommending it to clients. Not only are they familiar with how it works, but also, they know their clients will benefit from the features they love: an intuitive interface, total visibility over savings, and notifications for when retirement targets have been reached.

“We like to go in and speak to employees of our clients to help them understand their investment options and build their financial wellbeing. As part of those sessions, we show them the functionality of the app and how easy it is for them to combine pensions with Penfold,” he says. “We’ve even developed a QR code system which shows employers and employees to rate their existing pension compared to Penfold. By comparing service standards, user ratings, charges, historical fund performance, and app availability, we can provide a score out of five within seconds”.

Benefits

From an employer’s perspective, Chris believes that Penfold offers a range of advantages: “Penfold offers a cost-effective pension that comes with a number of tools and features that aren’t offered anywhere else.” This includes the payroll and uploads facility, which according to Chris, “is the simplest to use out there.”

In the bigger picture, it’s about giving employees a better understanding of their pensions and how their employer adds to their long-term financial security. This fits neatly into a bigger employee benefit package for “employers that are serious about improving recruitment that helps with recruitment and retention.”

For employees, Chris points out: “Penfold can give employees an indication of their future financial position at the touch of a button.” This kind of knowledge can make all the difference when planning for retirement.

“Although some clients haven’t heard of Penfold, whenever we explain that the investment is managed by Blackrock and HSBC, their minds are immediately put at ease,” he says. “Investment performance is most important, and Penfold’s historical performance is excellent.”

This means that with Penfold, employees aren't left in the dark - instead, they can actively engage with their pension, understanding exactly where their investments stand and what they're working towards. This helps them make informed decisions that transform their financial future.

Results

After working with Penfold for more than a year, Chris has nothing but good things to say: “We've transferred 25 schemes over to Penfold so far, and it's been smooth sailing all the way,” he says. If any issues pop up, he's confident that Penfold will handle them swiftly and effectively. “Everyone loves the app, and charges are competitive without hidden costs or fees.”

For employers, Penfold's service is a world away from the hassles that can come with other pension providers. As Chris points out, “No one wants to be stuck on hold. When we make requests of Penfold, these are all done quickly.”

This ease of use applies to how employees use the tool too. Instead of a complex and intimidating process, Penfold offers a user-friendly forecasting tool that breaks down daily investment models that anyone can understand.

What's really different about Penfold, according to Chris, is how tools like that have bridged the ‘advice‘ Penfold has made regular investment advice more accessible to employees, turning pension-saving into an experience that isn’t just beneficial, but actually enjoyable.

Ultimately, Moneyweb knows that Penfold is the ideal modern solution for employers who need a tech-first pension app for their teams. Chris now says to clients, “Everyone needs an auto-enrolment pension scheme, so why not use the best one?”