Robo-adviser offers pension switching

Robo-adviser offers pension switching

Robo-adviser Wealthsimple has launched a pension product which includes a service to help savers switch from their existing provider.

The self-invested personal pension (Sipp) comes with no account minimum and fees of 0.7 per cent for pots of less than £100,000 and 0.5 per cent for more than £100,000.

Wealthsimple claims it is the only digital pension in the UK which also provides unlimited access to investment advice from a human adviser at no additional cost.

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The robo-adviser, which was launched in the UK a year ago and has £2bn under management globally, previously only provided investment pots such as Isas.

Toby Triebel, Europe chief executive of Wealthsimple, said: "Retirement is something people should look forward to, but traditionally UK pension providers haven’t made it easy for people to save for their future.

"Fees are high, there’s little flexibility and next to no support. We’re bringing the simply, human approach we’re known for to pensions and giving people access to the advice and guidance they need to build a smart retirement strategy for their future."

Wealthsimple has said that if clients wish to transfer their existing pensions to its product, it will make the process "seamless and easy".

It has said clients will only need to provide the details of their pensions and provide authorisation and Wealthsimple will handle the rest of the transfer, with no fees for pots of more than £5,000.

Wealthsimple has said clients will also be able to invest their pension in one of the robo-adviser's socially responsible portfolios and companies will be able to contribute to an employer's pot.