iPensions Group has launched a service to help UK and international savers consolidate their pension funds.
The digital solution, called iSipp, will allow people to join their funds together into one pot, choose investment funds and then monitor how these are performing online.
The service is available to all savers with UK pension funds who are working or have worked in the UK.
The annual trust fee is £200 plus a 0.25 per cent platform services fee, and an ongoing charges figure starting at 0.17 per cent for the funds.
Hrishi Kulkarni, managing director of iSipp, said: “iSipp is designed to give clients control over their pension and choice for investments, whilst continuing to provide a personable service with high levels of innovation and transparency.
“Consolidating pensions gives clients better control and offers full oversight of their pension fund performance enabling them to make more informed decisions while also only having to deal with one pension provider on their retirement.
“Our offering is all backed up by the strong track record of iPensions Group of deep technical knowledge, high-calibre service and decades of experience to help us deliver our vision of leading the pensions sector.”
Consolidation, or lack of, has been an issue in the pensions industry with small pots being eaten away by charges.
Therefore, the industry is pushing ahead with widespread small pot consolidation which is set to be implemented in 2025-26.
The Department for Work and Pensions has also confirmed that it will ban the charging of flat fees on qualifying workplace pension pots worth less than £100.
The £100 threshold will apply to both active and deferred pension pots and only to those held within a default arrangement of certain occupational schemes.
amy.austin@ft.com
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