Octopus-owned custodian and platform technology provider Seccl has unveiled a fully digital and paperless drawdown self-invested personal pension (Sipp).
This comes after Seccl launched its accumulation Sipp in October last year.
The drawdown Sipp is currently only available on an advised basis and priced at 0.10%, up to a maximum of £120 ($153, €141) per year.
It is typically offered to platform clients on a white-label basis, with Seccl providing the underlying custody and wrapper administration. But it can be used on a standalone basis by other custodians or Sipp scheme administrators – or fully embedded via API into any number of other applications elsewhere in the advice journey.
James Holmes, chief commercial officer at Seccl, said: “While many platforms allow advisers to instruct drawdown digitally, behind the scenes they typically rely on internal workflows and manual processes to make it happen. As a result, the pension drawdown process still takes far longer than it should and creates too much opportunity for manual error.
“It’s why we set about building what we think is the market’s first fully automated drawdown Sipp, one that removes all back-end manual processing and helps advisers to more quickly, easily and flexibly manage their clients’ drawdown journeys.”
Ian McKenna, chief executive of the Financial Technology Research Centre, added: “The advice community itself has been written off many times in the past, but has thrived due to its ability to adapt. New platform technology providers are demonstrating the same will be true in their market. Seccl is making a reality of what so many others have talked about for so long, the difference being Seccl is actually delivering.”
