Plum moves into pension space with Sipp launch

Plum moves into pension space with Sipp launch

Fintech company Plum has expanded into retirement savings with the launch of a self-invested personal pension aimed at savers who work flexibly or are self-employed.

The Sipp can be found in the Plum app, alongside clients’ day-to-day spending, saving and other investments.

The company said the Sipp could be set up in six steps, with savers able to use the pension platform in minutes, consolidate their old pensions in one place and start making automatic payments straightaway.

Plum also offers a smart saving algorithm, which puts away a defined amount and splits it between interest-bearing savings, investments and pensions according to the chosen saving strategy. 

Savers can also choose from funds that are risk-managed according to their current age and the remaining years to retirement. 

There are a range of diversified retirement funds on offer, including a green fund that gives greater weight to companies that meet positive carbon and environmental criteria. 

Victor Trokoudes, co-founder and CEO of Plum, said: “The way we work and live our lives day-to-day is changing fast. People want control and flexibility over their finances, so they can be resilient whichever way their life and career pans out. 

“Opening a Sipp is a great way to make sure you look after your future as well as your present. With Plum, you can put your pension on autopilot with a system that can adapt to whatever lies ahead.”  

The Sipp launch is part of Plum’s plans to expand its wealth-building offering in the second half of 2021. 

A range of companies have decided to move into the pension space and launch different products in recent months.

In March, wealth management platform Ardan International teamed up with provider Hartley Pensions to launch a Sipp.

Online provider Raindrop developed a digital pension solution designed specifically to cater for self-employed savers back in January.

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