Starling Bank rolls out Penfold pensions for business owners

Monday 20 July 2020 14:35 CET | News

UK-based Starling Bank has announced the launch of Penfold on its marketplace, a pension provider meant for business owners, freelancers, and contractors.

For self-employed people fluctuating monthly income means that an immediate safety net of savings is often prioritised over their pension. Penfold is designed with that challenge in mind and it is the latest addition to the Starling Marketplace, where people can browse third-party providers and services. Penfold has been designed for people who want to save for retirement, even when their monthly income fluctuates. Their pension plans can be paused or altered at any time from the Penfold app or from the online portal. There is a flat fee of 0.75% per year based on the average value of your pension. Tax relief is organised and automatically added to the pension pot, from where people can start withdrawing funds at 55.

By setting up the integration through the Marketplace, you can see the total amount in your pension pot, your monthly contribution, and any growth, right in the Starling app. All this information is pulled directly from Penfold, according to the official press release.

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Keywords: Starling Bank, Penfold, pensions, business owners, UK, United Kingdom, marketplace, freelancers, contractors, pension provider, Starling Marketplace, app, online portal
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech