Penfold and TrueLayer link up to offer seamless payments to personal pensions

TrueLayer, the technology company building financial infrastructure that’s open to everyone and Penfold, the first pension scheme designed specifically with self-employed workers in mind, have partnered to deliver instant, secure payments for its customers to fund their pension.

Penfold is an FCA-regulated platform that enables customers to set up, manage and track their pensions online or through its app in a matter of minutes. With a target customer base of freelancers, the self-employed and limited company directors, whose incomes can fluctuate from one month to the next, it provides 6 fund options and allows customers to transfer existing pension points into Penfold completely free of charge.

It had offered two ways to fund pensions, which it realised did not meet Penfold’s ethos of flexibility, simplicity and giving customers complete control over their finances. Direct debit was inflexible and slow, while bank transfers often required the user to have a card reader in order to authenticate each transaction.

Determined to deliver the best possible digital experience, the firm has integrated TrueLayer’s Payments API to deliver a seamless user experience. Using Payments Initiation, customers can now top up their pension whenever they like, through secure, seamless and instant open banking payments. Offering higher conversion and fewer failed transactions, it creates a more convenient approach, providing customers additional peace of mind that their pension has been funded.

With a customer base that appreciates and requires a highly flexible approach to retirement savings, the new payments method also provides an easier, more user friendly way to pause or top up contributions, as income fluctuates, with just a few quick taps within the app.

“The pension industry is stuck in the dark ages and this has very real consequences for people who want to do the right thing and save for retirement. As the only digitally native pension company, our team is always using technology in new ways that can make the process of starting, paying into, and managing a pension quick, easy, and painless,” explained Pete Hykin, co-founder of Penfold. “Our partnership with TrueLayer is a fantastic next step, allowing our customers to top up their payments immediately, securely, and for free. In time, this integration will give our customers even more visibility over their finances, helping them budget for their pension and plan for the retirement they deserve.”

Jamie Morton, UK country manager at TrueLayer, commented: “Less than a quarter of the UK’s estimated five million self-employed people currently contribute to a pension, according to government data, with half saying they are not confident about how they will fund their retirement. Working with a firm like Penfold that is looking to solve such a significant financial and societal issue is incredibly exciting. With open banking payments it can offer a faster, more secure option for its customers to build their retirement fund.”