Investment platform InvestEngine has launched a zero-fee SIPP offering for new and existing customers.

The ETF-focused platform’s SIPP now has no platform fee and no trading fees.

Existing customers with an InvestEngine SIPP will see their platform fees automatically removed from December.

The platform said that by removing its account fees on its SIPP, it is ensuring customers see more of their savings invested and gives them the best opportunity to grow ahead of retirement.

The platform said that by removing its SIPP fees it could save a customer putting aside £400 per month into their pension a total of £600,000 over 40 years in comparison to a SIPP with a 2% annual fee.

Research from the platform previously showed that 55% of investors rank low fees as their top priority when selecting an investment provider.

Andrew Prosser, head of investments at InvestEngine, said: “Low fees have been a part of our ethos since InvestEngine’s launch, with investors paying nothing for DIY portfolios and only 0.25% per year for managed portfolios. Our ISAs, General Accounts, and Business Accounts have no account fees. We’re therefore pleased to be in a position where we can now bring zero-fees to our pension offering, making us an industry leader in this space.” 

Previous InvestEngine data revealed that more than a third (37%) of 35-54 year olds don’t engage with their pension or retirement saving. However, four in 10 (40%) people are considering opening a SIPP to supplement their current retirement funds.

The platform claims to be the fastest growing platform in the UK, growing 195% in 2024. Current assets under management stand at £900m.