Santander UK has launched a new Personal Pension to give customers greater control over their retirement savings.
The Self-Invested Personal Pension (SIPP) product offers access to up to 850 funds and allows customers to consolidate multiple pensions into one account.
Four ready-made investment options are also available for customers who want Santander to manage the selection process.
Ashlin Brack, UK head of digital investing at Santander, commented: “We want to support our customers through all stages of life, helping them save and invest so they can live life to the fullest.
“That’s why we have designed our new SIPP to make managing a pension simple and give people greater control over their retirement”.
Customers can access their pensions through the mobile app, as well as on tablets or laptops, where they can monitor performance and manage investments alongside other banking products.
Fees for the account start at 0.35% on balances up to £50,000, 0.20% on balances between £50,001 to £500,000, and 0.10% on balances above £500,001.
Customers who invest in the Santander Personal Pension before April 25, 2025, can also benefit from a cashback incentive.
Depending on the amount invested, customers can earn between £50 and £1,000 in cashback, which will be credited to their Cash Only accounts by July 1, 2025.
For example, investments of £5,000 to £9,999 will earn £50 in cashback, while those investing £100,000 or more will receive the maximum cashback of £1,000.
A SIPP is a ‘do it yourself’ pension that allows customers to choose how much they want to pay into their pots, with the aim of building up a sum of money to provide an income in retirement.
SIPP customers can either pick their own funds to invest in or allow their provider to choose for them.
Designed to be a long-term, tax-efficient way of helping customers save; to qualify, customers must be at least 10 years away from retirement.
