Banco Santander has launched a Self-Invested Personal Pension (Sipp) plan in the UK, with a £1000 cashback offer to people investing over £100,000.
A Sipp is a ‘do it yourself’ pension that allows customers to choose how much they want to pay into their pension. Sipp customers can either pick their own funds to invest in or allow their provider to choose for them.
The new Santander Personal Pension provides customers with the ability to consolidate multiple pensions together, and access them through the bank’s app, as well as through a tablet or laptop alongside otther Santander products.
Customers can choose from up to 850 funds to invest in depending on their preferences, as well as four ready-made Santander investment funds.
Fees start at 0.35% on balances up to £50,000, 0.20% on balances between £50,001 to £500,000, and 0.10% on balances above £500,001.
Ashlin Brack, UK head of digital investing at Santander, says: “We want to support our customers through all stages of life, helping them save and invest so they can live life to the fullest; that’s why we have designed our new Sipp to make managing a pension simple and give people greater control over their retirement."
He adds that the bank intends to offer an advice service to Sipp customers in 2025.