Seccl, the Octopus-owned custodian and platform technology provider, has today launched its own digital pension solution.
The new SIPP is designed to provide Seccl-powered investments platforms with a fully paperless, low-cost pension solution that is inherently flexible and infinitely scalable.
It features an intuitive and easy-to-use online application journey and provides ample client flexibility that allows end-investors to increase, reduce or pause contributions any time, all without a single piece of paper.
The new Seccl SIPP has been built in as little as six months, on the same cloud-based, API-first principles as the rest of Seccl’s infrastructure to round off its core range of tax wrappers.
Unlike traditional providers, who typically maintain individual branches of its code base for each of its platform clients, Seccl maintains only a single instance of its technology – allowing for easier maintenance, more rapid feature development and, ultimately, a lower cost.
Chris Smeaton, Head of Propositions at Seccl, shared: “Most of today’s pension products are built on 20-year-old tech – underpinned by manual checks and processes which makes them inherently risky, prone to error and unnecessarily costly.
“Seccl’s approach to pensions is completely different. We started with a blank sheet of paper, set out to build an entirely digital and automated product that can be designed around the individual requirements of any advice firm.
“We now have a tech stack that powers pensions with no paper, no post, no salespeople, no six-monthly release schedules and no call centres. Everything is online, all the time via our APIs.”
David Ferguson, CEO of Seccl, added: “Most present-day pensions are analogue products living in a digital world. 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.”
The Seccl SIPP is currently available only to accumulation clients – priced at 0.05% of pension portfolios (with a £1 per month minimum and £4 per month maximum) – with drawdown functionality to follow early next year.
It adds to the firm’s growing wrapper coverage, complementing its in-house GIA, ISA and JISA functionality, as well as its range of integrated third-party products (including SSAS and offshore bonds). For more details, head to Seccl’s products and wrappers.