Wealthify SIPP: How Does It Perform?

Wealthify sets itself apart with its fully digital, user-friendly platform and ethical investment options, catering to the tech-savvy and socially conscious investor. Their commitment to simplicity and accessibility in investing is distinctive.
  • Last Updated: 22 Mar 2024
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Francis Hui
Uncover the Pros, Cons, & Suitability of a Wealthify SIPP. Dive into Our Comprehensive Guide Today.
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Key Takeaways
  • The maximum amount you can contribute to a Wealthify SIPP depends on your individual circumstances and the annual allowance set by the government
  • You can transfer your existing pension , but it’s important to consider the potential benefits and drawbacks before making a decision.
  • In the event of your death, it can be passed on to your beneficiaries, who can then choose how to manage the funds.
  • Generally, you can access your Wealthify SIPP from the age of 55, but early withdrawals may be subject to tax penalties and could impact your retirement savings.
  • Like any investment, there are risks associated including, potential fluctuations in the market and the possibility of not achieving the desired returns.

If you are considering a retirement investment product aligned with ethical principles, a Wealthify SIPP may be worth investigating. 

In the dynamic landscape of UK pensions, it has never been more important to examine modern, adaptable solutions.

In This Article, You Will Discover:

    The team at Every Investor has compiled this guide to the Wealthify SIPP by analysing the company’s own literature and scrutinising industry reports in order to help our readers make informed decisions about their retirement planning.

    All our content undergoes strict quality and compliance checks before publications so we can be sure we are bringing you only the most valuable and relevant information.

    Who Is Wealthify?

    Wealthify is a UK-based robo-advisor that offers investment services.

    Wealthify primarily focuses on general investment accounts and ISAs (Individual Savings Accounts) and did not provide a specific SIPP (Self-Invested Personal Pension) product.

    For the most accurate and up-to-date information on Wealthify’s offerings, including any potential developments related to SIPPs, it is important to check directly with Wealthify or visit their official website.

    What Is a SIPP?

    In the United Kingdom, the Self-Invested Personal Pension (SIPP) is a personal pension scheme that offers individuals greater autonomy over their retirement funds.

    This plan permits the selection and management of various investments, including equities, fixed income, and real estate, within one’s pension portfolio.

    How Does the Wealthify SIPP Work?

    The Wealthify SIPP (Self-Invested Personal Pension) lets individuals save and invest for their retirement in a flexible, adaptable way. 

    Once you have selected a risk level you are comfortable with, Wealthify manages your investments on your behalf using an in-house team of experts.1

    Your funds will be held by Embark Investment Services Limited.2

    The two types of SIPP on offer are:

    • The Wealthify Pension
    • The Ethical Pension

    What Are the Benefits of a Wealthify SIPP?

    The benefits of a Wealthify SIPPs provider include access to a professional investment management team that uses a combination of financial algorithms and industry experience.

    Other advantages are:

    • Contributions are flexible.
    • You can open a SIPP with as little as £50.
    • The Wealthify SIPP is backed by Aviva.
    • You will have online access to monitor your investments.
    • You will be able to choose ethical investments.

    What Are the Drawbacks to a Wealthify SIPP?

    The drawbacks to a Wealthify SIPP include the relatively limited investment choices when compared to other SIPPs.

    Other potential drawbacks include:

    • Your employer will not currently be able to contribute to your SIPP.3
    • Wealthify does not yet support Carry Forward (which would allow you to carry over any unused allowance from the previous tax year).4
    • As charges are calculated based on investment size and performance, there is a potential for higher fees.5
    • You cannot choose your own stocks to invest in.6

    Who Is Eligible for a Wealthify SIPP?

    UK residents over 18 and under 75 are eligible for a Wealthify SIPP.

    What Should You Consider Before Choosing a Wealthify SIPP?

    Before choosing a Wealthify SIPP, you should consider your investment goals, desired level of involvement, and fee expectations.

    Fees & Charges

    Wealthify charges a 0,6% yearly management fee, fund charges, and transaction costs, the latter two ranging from about 0,16% for original plans and 0,7% for ethical plans.7

    You will not be charged for deposits, withdrawals, transfers, or closures.

    Investment Options

    Wealthify SIPP offers an Original SIPP and an Ethical SIPP.

    The ethical option allows you to invest in companies that are not harming the environment or society, but this type of plan does come with higher fees. 

    You will need to consider your needs before choosing a Wealthify SIPP. 

    Flexibility & Accessibility

    Accounts are accessed digitally, with options to adjust risk levels and set up regular or one-off contributions.

    Tax Benefits & Implications

    Contributions may benefit from tax relief, but always consult a tax adviser about individual circumstances.

    Withdrawal & Retirement Options

    The Wealthify SIPP allows flexible withdrawals post-retirement, but rules and tax implications must be considered.

    Customer Support & Service

    Customer support and service include online chat, email, and phone, and Wealthify are known for their responsive and helpful team.8

    What Are the Contribution Limits of a Wealthify SIPP?

    There are a few different contribution limits that apply to Wealthify SIPPs. 

    For the 2022/2023 tax year, the annual contribution limit for your SIPP is £60,000, or up to 100% of your income (whichever is lower).9 

    What Are the Fees & Charges Associated With a Wealthify SIPP?

    The fees and charges associated with a Wealthify SIPP include:

    • Annual Management Fee: 0,6% of the account value per year.
    • Investment Platform Fee: 0,25% of the account value per year.
    • Fund Charges: Vary by fund selection, typically between 0,2% and 0,5% of the investment value per year.
    • Government Levy: 0,01% of the account value per year.

    What Are the Withdrawal Options?

    The withdrawal options for Wealthify SIPP clients include lump sum and flexi-access drawdown. 

    Transferring to another SIPP or full drawdown is also possible; always consult a financial adviser for tax implications.

    Wealthify does not offer an annuity, but you will be able to purchase one from a different provider, should you prefer this option.10

    Who Is a Wealthify SIPP Suited to?

    A Wealthify SIPP is suited to a range of investors, but it may be especially useful to those looking for a low-cost and easy-to-use SIPP option. 

    Wealthify’s pre-made investment plans are also well-suited to those who want a hands-off approach to investing without having to do much research or decision-making on their own.

    With its digital platform, users gain access to diversified investments managed by professionals, tailored to their chosen risk profiles.

    This product is also a good option for those who want the option to invest ethically. 

    Comparing the Wealthify SIPP With Other Options

    Comparing the Wealthify SIPP with other options like those from popular SIPP providers like Nutmeg, Interactive Investor, Fidelity, and Charles Stanley suggests that Wealthify offers competitive fees and a focus on ethical investments. 

    While some providers may offer a wider investment range, Wealthify stands out for its highly-rated customer service.11

    What Are Customers Saying About a Wealthify SIPP?

    Overall, customers generally rate Wealthify’s SIPP highly, with a rating of 4 out of 5 stars on Trustpilot.12

    Customers particularly like Wealthify’s low fees, simple interface, and ethical investment options. 

    However, some clients have reported that they would like to see a wider range of investment options. 

    Opening a Wealthify SIPP

    Opening a Wealthify SIPP is a straightforward online process.

    The steps you need to follow to open a Wealthify SIPP are:

    1. Choose your account type
    2. Select your investment plan
    3. Provide basic details
    4. Fund your account
    5. Pick your investments and let the experts handle it.

    Typically, the documents you need to open a Wealthify SIPP are:

    • Identification: A valid form of ID (e.g. passport or driver’s licence).
    • Address Verification: Proof of address (e.g. a recent utility bill or bank statement).
    • Financial Information: Bank details for fund transfers.
    • Tax identification (e.g. National Insurance number)
    • Previous SIPP Details (if applicable): Details of the account if transferring from another SIPP provider.

    Regulatory Details

    Wealthify, trading as Wealthify Limited, is a registered company in England and Wales (no. 09034828)13 and the Financial Conduct Authority (FCA) authorises it (ref. no. 662530).14

    Common Questions

    Key Features of Wealthify SIPP

    Wealthify SIPP Fees

    Tailoring Wealthify SIPP to Investment Preferences

    Wealthify SIPP for Beginners

    Why Opt for Wealthify SIPP for Pension Savings

    Is a Wealthify SIPP Safe

    What Is the Minimum Contribution Required to Open a Wealthify SIPP

    How Do I Transfer My Existing Pension to a Wealthify SIPP

    How Often Can I Access & Manage My Investments Within a Wealthify SIPP

    Can My Employer Pay Into My Wealthify SIPP

    Can I Manage My Wealthify SIPP Online

    How Long Does It Typically Take to Open a Wealthify SIPP Account

    What Happens to My Wealthify SIPP When I Die

    What Investment Choices Does a Wealthify SIPP Offer

    In Conclusion

    Weighing up your retirement savings options? 

    Its modern, digital platform might just be the seamless retirement solution you are looking for; however, while this SIPP’s features are impressive, compatibility with your personal goals is paramount. 

    A chat with a qualified financial adviser can offer clarity and tailor-made insights. 

    Before you leap, you may want to consider whether the Wealthify SIPP resonates with your investment aspirations.

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