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Penfold joins Starling marketplace

Penfold, the digital pensions platform, has today announced they have been added to Starling Bank’s Personal Marketplace, allowing customers to set up a Penfold pension through the Starling app in a matter of minutes.

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Starling’s Personal Marketplace links customers to hand-picked third-party products and services, allowing them to choose the ones which work best for them and giving them visibility over all their financial products in one place.

By connecting to Penfold through the Starling app, a customer’s details will be automatically filled in, with the customer’s permission, saving them time on filling out forms, providing savers with easy access to a modern pension platform, with a range of investment options and the ability the set savings goals. Savers also have the added flexibility of being able to manage their pension by choosing to pause or top up their contributions, while keeping track of the value and growth of their pension pot via their highly rated app.

Penfold has been available to Starling bank customers since July 2020 but was previously only available to business owners. Since then, Penfold has expanded its remit beyond the self-employed to develop personal pensions for employed savers looking to transfer old pots and take control of their retirement savings.

Chris Eastwood, Co-Founder at Penfold, comments:
“The introduction of Penfold to Starling’s Personal Marketplace is evidence of our growth as a business and development of our offerings to all types of savers. As well as expanding our service to employed people, we’ve also seen a 341% year-on-year growth in the number of successful pension transfers between 2021 and 2020., and we hope our addition to Starling’s Personal Marketplace will help more of these tech savvy savers to build a pension pot for later life.

“Financial services can be very disjointed, with lots of different apps and services for customers to keep track of. So, by integrating Penfold onto Starling’s marketplace, we aim to provide savers with the opportunity to take advantage of setting up an engaging, accessible and high performing pension, alongside being to manage their other finances all in one place.”

William Boocock, Head of Marketplace and Banking Services, Starling Bank, adds:
"Our personal account integration with Penfold will allow our customers to see their pension in their banking app enabling them to better understand what they have saved, and their financial situation as a whole.”

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