Digital wealth manager Moneyfarm has launched a Self Invested Personal Pension (SIPP) offering.
Moneyfarm says investors will benefit from ”easy transfers, simplicity and low-fees” with a tiered system starting from 1 per cent for a pot under £10,000 going down to 0.72 per cent for pots over £2.5m. Rather than an annual pension fee, Moneyfarm says it will charge an account level taking into account the total amount invested across all Moneyfarm portfolios.
The Moneyfarm Pension, available to new and existing customers, automates the process of de-risking retirement investments and is aiming to be lower cost than traditional pension providers as a result.
CEO and Co-Founder of Moneyfarm, Giovanni Daprà says 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.” Moneyfarm says its investment management team build and manage investment portfolios to reflect a customer’s investor profile.