TILLIT has launched a new self-invested personal pension (Sipp) account designed to reduce the pension gender gap.
The company claims it is the first UK pension provider to offer auto-escalation, allowing members to save more by gradually raising contributions over time.
It also offers “practical tools” to reduce the pension saving shortfall for members taking parental leave.
The Sipp is available via select employers across tech, professional services and media and direct to consumers.
The TILLIT Pension allows employees to build their own portfolio with curated, best-in-class active and passive funds.
Members can also keep their pension on autopilot by leaving all, or part of, it in the default fund.
TILLIT founder and chief executive Felicia Hjertman said: “Your pension is one of the most important and powerful assets you’ll have – and yet many of us don’t know much about it.
“The quality of our life in the future depends on the decisions we make in our pension.
“With the ever-growing challenge of retirement affordability and the gender pension chasm, it is crucial that pensions are designed to support all members to make better and more informed decisions with their pension today, and in the future.
“For example, we already know that contributions levels aren’t high enough but we cannot afford to wait for the government to fix this.
“This is why auto-escalation is a key feature of our pension. Auto-escalation is built on the concept of Save More Tomorrow, which has been hugely successful in the US, but has never gotten off the ground here in the UK. It’s time we change that.”
TILLIT is currently offering its pension at its lowest platform fee of 0.25% pa, with no charges on contributions, withdrawals or transfers.
The default fund, managed by BlackRock, has a fee of 0.18% pa.
The TILLIT Pension is not an auto-enrolment (AE) Sipp but is available via employers alongside their AE provider.
