Online investment platform Wealthify has partnered with Embark Group to launch a fully digital self-invested personal pension (Sipp).
Clients will be able to invest from just £50 ($65, €58) and choose their level of risk, alongside an ethical option, if preferred.
Wealthify builds and manages the pension on behalf of customers, with Embark providing the technology and retirement solution to power the Sipp.
Overwhelming
Michelle Pearce-Burke, chief investment officer and co-founder of Wealthify, said: “People’s current pension provisions are often inadequate to rely on for a comfortable future, and due to the complexity and jargon, people often have no idea how to take the necessary steps to get their pension on track.
“Pensions have traditionally been confusing, inaccessible and overwhelming. So, for many people, taking control of their retirement planning can feel like a daunting task, especially with the increasing number of workplace pensions to keep track off.
“We designed the Wealthify pension to break this inertia and help people take saving for retirement into their own hands.”
Numbers
The firm charges an annual fee of 0.6% and does not charge for deposits or transfers.
Other investment costs include; fund charges, taken directly by the fund provider; and market spread, the difference between the price the firm buys and sells investments.
Wealthify aims to “keep these as low as possible, around 0.22% for original plans and 0.66% for ethical plans”.
