The Moneyfarm Pension, which is available to new and existing customers, will cater to individuals looking to consolidate pension pots.
The British-Italian robo-adviser has received backing from United Ventures and Cabot Square Capital and received a ‘strategic investment’ from Allianz in September.
The Sipp fees come out at an account level and are based on the total amount invested across all Moneyfarm portfolios. The pension can sit alongside an existing Moneyfarm Stocks and Shares Isa and General Investment Account (GIA) and can be managed from desktop or mobile.
If a customer invests through a pension, Isa and GIA, they may be rewarded by paying less in management fees.
Chief executive and co-founder of Moneyfarm, Giovanni Daprà, said: “Investing in a personal pension ensures greater security for an individual or family’s future. By asking customers to set a date for their retirement, we can provide more personalised automated financial advice through our digital platform and encourage future planning and money mindfulness as part of everyday life. Ultimately, individuals can now take charge of their own retirement, which is simple to setup, monitor and manage.”
To avoid a delay in customers receiving tax relief from HM Revenue & Customs, Moneyfarm takes on the up-front cost of basic rate income tax relief for its investors. As a result, investors can enjoy the added benefit of additional compound returns.
Self-employed investors can contribute to their pension from their pre-tax income by setting up employer contributions for an increased long-term benefit. Drawdown is flexible and can be tailored by the individual.
Moneyfarm is dual regulated in Italy and the UK with offices in London, Milan and Cagliari. It was founded in Italy in 2012 before moving its headquarters to London in 2016.
