Scalable Capital partners with AJ Bell on SIPP

By Daniel Lanyon on 8th May 2018

Robo-Advice

The digital wealth manager topped 20,000 customers back in January.

Scalable Capital partners with AJ Bell on SIPP
Image source: https://goo.gl/cTdWfU

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.

Comments

Insurance AI & Analytics USA

Insurance AI & Analytics USA (June 27-28, Chicago) is the only forum bridging the gap between the analytical and data minds and the business transformation leaders. As carriers rush to meet customer demands and deliver continuous business growth without dramatically increasing costs, deploying innovative technologies such as AI, machine learning and advanced analytics can be the only way to remain competitive. But in order to deliver real value to the organization, these innovations must have a real application in the core business areas and directly improve operational efficiency and deliver a seamless customer experience

26th June 2018


Companies in this Article:

Scalable Capital

More like this:

Robo-advice News Wrap – Monday 12 June

12th June 2017
David Tuckwell

IG Group expands its cryptocurrency trading

21st August 2017
Moriah Costa

eToro plans free share trading

20th March 2019
Daniel Lanyon

FCA highlights robo-advisors’ flaws

22nd May 2018
Daniel Lanyon

Digital wealth manager targets £7m fundraise

17th December 2018
Daniel Lanyon