TILLIT has entered the pension market with a Self-Invested Personal Pension account that empowers today’s employees to take control of their pension and offers unique features including auto-escalation and practical tools to mitigate the pension gender gap.
The SIPP is available via select employers across tech, professional services and media and direct to consumers. Key points of the TILLIT Pension, include:
- TILLIT is the first UK pension provider to offer auto-escalation, allowing members to save more by gradually raising contributions over time;
- The TILLIT Pension offers practical tools to reduce the pension saving shortfall for members taking parental leave;
- The TILLIT Pension empowers employees to build their own portfolio with their curated, best-in-class active and passive fund Universe and jargon-free insights;
- TILLIT offers asset managers a rare opportunity to give their employees access to their entire suite of funds, empowering them to invest alongside all clients
TILLIT’s mission is to make pensions work for the modern employee. A new poll has revealed that 59% of employees under 45 want to choose their own pension provider, rather than leaving it to their employer, and 58% want more control over how their pension is invested.
With a number of recent new entrants in the pension market, TILLIT stands out with its focus on investment choice and empowering the member to take control of their pension and build a portfolio that’s aligned with their retirement goals and values. Members can also keep their pension on autopilot by leaving all, or part of, it in the default fund.
Felicia Hjertman, TILLIT Founder & CEO, 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.”
“The TILLIT Pension is built from the ground up to genuinely help people to achieve a comfortable retirement, not just slap sexy tech on existing, one-size fits all solutions. We know from our research that we are in the middle of a generational shift in how people think about their pension and what they need and expect from their providers. The TILLIT Pension is a solution that meets the needs of modern employees.”
TILLIT is currently offering its pension at its lowest platform fee of 0.25% pa. Individual funds fees apply and start at 0.06% pa (the default fund, managed by BlackRock, has a fee of 0.18% pa). There are no charges on contributions, withdrawals or transfers and as per TILLIT’s standard fee structure, there are no dealing commission charges.
The TILLIT Pension is not an auto-enrolment (AE) SIPP but is available via employers alongside their AE provider, giving employees the freedom to pick the pension that is best for them.
