Capital at risk. The value of investments can go down as well as up. You may get back less than you invest.
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Penfold Refer a Friend Offer Summary
About Penfold
Penfold is a UK SIPP provider for the self-employed and freelancers, on a percentage management fee. App-first with simple plan options.
Refer a Friend Bonus
Existing Penfold customers can refer friends, family or colleagues and both sides receive £25 into their Penfold pension (£20 from Penfold + £5 HMRC tax relief).
Your friend must not already be a Penfold customer. They need to open a Penfold Pension via your link, be eligible for UK tax relief, and contribute more than £25. You also need to make a qualifying contribution of your own for the referral to pay out.
Both rewards land inside the relevant pensions, not as cash. It can take 2 weeks or more for the contribution to land while Penfold collects the tax relief. Duplicate accounts, fake referrals and any other abuse can disqualify the reward at Penfold's discretion.
Referrer reward: £25
Referee reward: £25
How it typically works
Step 1
Find a friend, family member or colleague with a Penfold pension
Step 2
Ask them for their unique referral link (you can't already be a Penfold customer)
Step 3
Sign up via the link and open a Penfold Pension
Step 4
Make a contribution of more than £25 to your new pension; the referrer needs to make a qualifying contribution too
Step 5
Both sides receive a £20 contribution from Penfold + £5 HMRC tax relief into the pension, around 2 weeks after the contributions clear
Worth knowing
Key features
- UK pension app aimed at the self-employed, freelancers and small businesses
- Self-Invested Personal Pension (SIPP) with simple, app-first management
- Refer-a-friend programme pays both sides £25 into their pension
- Optional employer contributions for limited company directors
- FCA regulated
Things to consider
- Reward goes into the pension, not as cash to your bank
- Pension only — no ISA or general investment account option
- Pension money can't be accessed until age 55 (rising to 57 from 2028)
- Both you AND the referrer need to make a qualifying contribution for the reward to pay out
- Takes 2+ weeks for the £5 HMRC tax-relief portion to land
- You need an existing Penfold customer to refer you — Scrimpr can't share a link
Important Information
FCA Regulated: Yes (FRN: 826097)
Capital at risk. Your investments can go down as well as up.
Frequently Asked Questions
No. Scrimpr does not host or share referral links for Penfold. UK financial promotion rules and platform terms restrict the public sharing of personal referral links for regulated investing platforms, so even if we had one we couldn't put it on this page. To use the offer you'll need a referral link from someone who already has an Penfold account — ask a friend, family member or colleague.
You'll need to find someone who already has an Penfold account and ask them to share their unique referral link with you. Existing customers can usually find it inside their app or online portal under a "refer a friend" or "recommend a friend" section.
Yes. Penfold is regulated by the Financial Conduct Authority (FCA) with reference number 826097. You can verify this on the FCA Register. As with any investment, your capital is at risk.
No. This page has no affiliate or referral links. We list the offer because it's a useful UK investing perk to know about, but Scrimpr earns nothing if you go on to sign up.
The usual ones: you'll typically need to meet a minimum deposit or transfer amount, hold the funds for a qualifying period, and be a genuinely new customer. Some platforms pay the reward as a gift card rather than cash. Read the "Worth knowing" and "Things to consider" sections above before going ahead, and always check the platform's current terms.
Compare investing platforms
This is one of many UK investing offers we've tracked. To find the right platform for you, see our wider comparison guides:
- All UK investing offers → Every welcome bonus, free share and cashback offer we've tracked, in one ranked table.
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- UK SIPP & pension fees compared → What it costs to hold a SIPP across the major UK providers.
- General Investment Accounts compared → GIA fees and features across the UK platforms.
