Octopus-backed Seccl launches own Sipp

Octopus-backed Seccl launches own Sipp
Seccl chief executive, David Ferguson

Seccl, the customised platform owned by Octopus, has launched its own self-invested personal pension (Sipp) product.

The Bath-based provider has been building out a suite of tax wrappers and said the latest one was built over a six-month period.

Seccl adds to its in-house general investment account, Isa and and junior Isa, as well as third-party products which include small, self-administered pension schemes and offshore bonds.

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The Sipp is paperless, Seccl said, and uses a single instance of technology for every client versus a different instance for each.

The provider said this allows for easier maintenance, more rapid feature development and, ultimately, a lower cost.

The Sipp is only available to accumulation clients at present, priced at 0.05 per cent of pension portfolios with a £1 per month minimum and £4 per month maximum.

Drawdown functionality is to follow early next year, it said.

“Most present-day pensions are analogue products living in a digital world,” said Seccl chief executive, David Ferguson, who previously founded Nucleus.

“Our new Sipp, like the rest of our investment technology and services, aims to provide a solution fit for the twenty-first century – one that’s paperless, integrated, and low cost.”