The bank said the pension is designed to give customers more control over their pension as they save for retirement, with an advice service to follow in 2025.
A self-invested personal pension (SIPP) is a ‘DIY’ pension that allows customers to choose how much they want to pay into their pension with the aim of building up a sum of money to provide an income in retirement. SIPP customers can either pick their own funds to invest in or allow their provider to choose for them.
The 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.
Savers can also monitor their pension’s performance and view their pension balance alongside their other Santander products.
Pension savers can choose from up to 850 funds to invest in depending on their preferences, as well as four ready-made Santander investment funds for those who prefer their portfolio to be selected by Santander.
Wellness and wellbeing holidays: Travel insurance is essential for your peace of mind
Out of the pandemic lockdowns, there’s a greater emphasis on wellbeing and wellness, with
Sponsored by Post Office
Fees start at 0.35% on balances up to £50,000, 0.2% on balances between £50,001 and £500,000, and 0.1% on balances above £500,001.
Cashback on offer
Customers can also benefit from tiered cashback based on the value of their investment. This starts from £50 cashback for those investing between £5,000 and £9,999 and goes up in tiers. Someone investing £100,000 or more would earn £1,000 in cashback.
Ashlin Brack, UK head of digital investing at Santander, said: “At Santander, 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.”
In October, the bank launched an ISA transfer cashback offer.
