InvestEngine has expanded its offering by launching an ETF-powered self-invested personal pension plan (SIPP).
The platform said it launched the SIPP to give people a “low-cost and flexible way” to invest in retirement.
InvestEngine will charge 0.15% to access the SIPP – capped at £200 a year – plus the cost of investments.
Investors will be able to choose either their own commission-free Do-It-Yourself (DIY) Portfolio or pay InvestEngine to manage their SIPP at a cost of 0.25% per annum.
A survey of 2,000 adults commissioned by the group found over a third of adults with a workplace pension do not engage with their retirement fund.
Meanwhile, 81% of people with a workplace pension and a SIPP described themselves as engaged with the performance of their pension.
Andrew Prosser (pictured), head of investments at InvestEngine, commented: “When it comes to growing your pension pot, the best route for many will be via ‘little and often’ investing through diversified and low-cost funds like ETFs.
“That is why we have launched the InvestEngine SIPP - to offer a more low-cost and flexible pension option to help encourage those who are not yet saving for their financial futures to get into the habit of making regular investments so that they can start building up their retirement pots.”
In June, the firm launched an ETF savings plan allowing its UK customers to make regular investments from as little as £10 a week.
The group also has money market ETFs, allowing investors to take advantage of the current high-interest environment.
In November, InvestEngine published a report, titled Building a nation of investors,which found retail investor uptake of ETFs in the UK will help “foster a better investment culture” in the market.