Penfold, the digital workplace pension provider, has surpassed £1 billion in pension assets under administration as more UK employers move away from legacy pension systems that are slow, complex and unengaging for staff.

The company, said to be one of the fastest-growing FinTechs in the UK, now supports thousands of employers nationwide, serving more than 100,000 savers across the UK, from fast-growing startups to SMEs and large established enterprises.

Penfold’s growth has also been driven by adoption from several category-leading global businesses operating in the UK, including Deel, Anthropic and Tide.