Banco Santander has introduced a Self-Invested Personal Pension (SIPP) plan in the UK, offering a £1,000 cashback incentive for investments exceeding £100,000.
A SIPP is designed for individuals who prefer a hands-on approach to managing their retirement savings, allowing them to determine their contribution levels. Participants have the option to select their own investment funds or let their provider make those choices on their behalf.
Santander’s new Personal Pension plan allows users to consolidate multiple pensions into one account, which can be easily accessed through the bank’s mobile app, tablet, or laptop, in conjunction with other Santander services.
Investors can choose from a wide range of options, with up to 850 funds available or opt for one of four pre-assembled Santander investment funds. The fee structure is competitive, starting at 0.35% for balances up to £50,000, 0.20% for balances from £50,001 to £500,000, and 0.10% for balances above £500,001.
Ashlin Brack, the UK head of digital investing at Santander, stated, “Our goal is to support our customers throughout their lives, enabling them to save and invest for a fulfilling future. We’ve designed our new SIPP to simplify pension management and provide individuals with greater control over their retirement plans.” He also mentioned plans for the bank to introduce an advisory service for SIPP customers in 2025.