Seccl, the Octopus-owned investment platform, has launched a new ‘low cost’ online-only SIPP. 

The firm says its new online SIPP will provide Seccl-powered investment platforms with a paperless pension solution.

The Seccl SIPP is currently available to accumulation clients with a charge of 0.05% of pension portfolios (with a £1 per month minimum and £4 per month maximum).

Drawdown functionality will follow early next year.

The SIPP is designed to be flexible and scalable, Seccl says. It features an online application and allows investors to increase, reduce or pause contributions any time without any paper documents.

The new SIPP has been built on the same cloud-based, API-first principles as the rest of Seccl’s infrastructure.

Chris Smeaton, head of propositions at Seccl, said most of the current SIPP propositions were built on “20-year-old” tech underpinned by manual checks and processes which makes them prone to error and unnecessary costly.

He said: “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.”

The new SIPP adds to Seccl’s in-house GIA, ISA and JISA functionality, as well as a range of third-party products (including SSAS and offshore bonds).