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.
The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.