Penfold adds 1:1 guidance and digital tools to workplace pension to boost employee confidence

Penfold has expanded the support it offers within its workplace pension by adding complimentary one-to-one pension guidance sessions and an accessible customer support team alongside built-in digital tools. The digital features include retirement forecasts and goal-setting. Employers and employees can access these services at no additional cost.

Penfold's move responds to engagement gaps identified in research it commissioned. In a survey of 2,000 UK employees, 42% said their pension provider either makes no difference to how they understand their pension or makes it harder to understand. Eighty-two percent of respondents reported at least one barrier that stops them engaging more with their retirement savings.

• Attendees rated the sessions 4.75 out of 5.
• Every attendee said they felt more confident about their pension after the session.
• Average confidence among attendees more than doubled.
• Employees who used the digital goal-setting tools were about twice as likely to increase their contributions compared with those who did not set a goal.

Chris Eastwood, CEO and co-founder of Penfold, explained the rationale: "A pension balance on its own only tells you so much. Many people want to understand whether they are on track and where to go if they have questions. Those are the things that help people feel confident about their retirement and they are what this service is designed to deliver." Eastwood added: "We have always believed that human support and digital tools work best together. Giving every employee access to a 1:1 guidance session and a team they can talk to, as part of their pension rather than on top of it, is how we think a modern workplace pension should work." What this means for employers and employees Employers who use Penfold's workplace pension will have the provider's guidance and digital tools integrated into the employee pension experience without extra fees. For employees, the service combines personalised human advice with accessible digital projections and action-oriented features such as goal-setting. The pilot suggests that combining those elements can raise confidence and drive behavioral changes like increasing contributions.

The announcement sits alongside broader activity aimed at improving retirement engagement and clarity. Other recent initiatives cited in related coverage include tools and platforms intended to simplify pension planning and boost awareness among workers who may not be actively involved with their retirement savings.

Penfold's combined approach—free 1:1 sessions plus digital forecasting and goal-setting, delivered within the workplace pension—addresses common barriers identified in its research and appears to improve confidence and contribution behavior in early testing.