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.
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