The digital wealth manager topped 20,000 customers back in January.
Scalable Capital’s investors can now invest their cash into a Self Invested Personal Pension plan (SIPP) on the digital wealth manager's platform and utilisng its investment strategy.
UK residents between 18 and 75 years old can kick start their SIPPs with a minimum transfer or deposit of £10,000.
The SIPP is invested and managed by Scalable Capital while AJ Bell, one of the UK’s largest pension providers, is the pension administrator and trustee.
The total costs for Scalable Capital’s services are 1 per cent per annum broken down as 0.75 per cent for the digital wealth manager’s fee covering the investment management, custody and trading costs while 0.25 per cent includes third party ETF fees, ETF trading costs and bid-offer-spreads, the firm says.
AJ Bell is also charging a one-off set up fee of £144 and an annual administration fee that depends on the value of the SIPP. For those with a pot below £25k this is £144 while those between £25-50k are charged £192. Pots over £50k are charged £240. AJ Bell also charges £72 for each transfer in.
Scalable says the majority of pension transfers take around 4 weeks to complete but that some can take up to three months, depending on providers.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.