Octopus-owned custodian and platform technology provider Seccl has launched its own digital pension solution.
The self-invested personal pension (Sipp) is designed to provide Seccl-powered investments platforms with a paperless, low-cost pension solution, the firm said.
It features an online application journey and provides client flexibility that allows end-investors to increase, reduce or pause contributions any time.
The Seccl Sipp is currently available only to accumulation clients – priced at 0.05% of pension portfolios (with a £1 per month minimum and £4 ($4.51, €4.56) per month maximum) – with drawdown functionality to follow early next year.
Old tech
Chris Smeaton, head of propositions at Seccl, said: “Most of today’s pension products are built on 20-year-old tech – underpinned by manual checks and processes which makes them inherently risky, prone to error and unnecessarily costly.
“Seccl’s approach to pensions is completely different. We started with a blank sheet of paper, set out to build an entirely digital and automated product that can be designed around the individual requirements of any advice firm.
“We now have a tech stack that powers pensions with no paper, no post, no salespeople, no six-monthly release schedules and no call centres. Everything is online, all the time via our APIs.”
David Ferguson, chief executive of Seccl, added: “Most present-day pensions are analogue products living in a digital world. Our new Sipp, like the rest of our investment technology and services, aims to provide a solution fit for the 21st century – one that’s paperless, integrated, and low cost.”
