New online Santander Personal Pension launched, enabling access to up to 850 funds, as well as four ready-made funds
Cashback offer allowing customers to earn up to £1,000 in cashback depending on the amount invested
Santander Personal Pension provides customers with the ability to consolidate multiple pensions together, and access them through the bank’s award-winning app, as well as through a tablet or laptop
Santander UK has launched the Santander Personal Pension, a Self-Invested Personal Pension (SIPP), designed to give customers more control over their pension as they save for retirement, with an advice service to follow in 2025.
The Santander Personal Pension offers customers:
The ability to consolidate all pensions in one place.
The option to monitor pension performance through mobile, tablet, or laptop. With Santander’s upgraded mobile app, customers have direct control over their pension, allowing them to view their pension balance alongside their other Santander products.
The convenience of easily buying or switching investment funds. Access to the Santander Investment Hub provides customers with choice, control, and flexibility over their money. Customers can choose from up to 850 funds to invest in depending on their preferences, as well as four ready-made Santander investment funds for those who prefer their portfolio to be selected by Santander.
Fees start at 0.35% on balances up to £50,000, 0.20% on balances between £50,001 to £500,000, and 0.10% on balances above £500,001.
Customers who invest in a Santander Personal Pension with the bank before 25 April 2025 can benefit from cashback tiered based on the value of their investment, with the cashback paid on or before 1 July 2025 to customers’ Cash Only accounts on the bank’s Investment Hub.
Customers investing between:
£5,000-£9,999 can earn £50 in cashback
£10,000-£24,999 can earn £100 in cashback
£25,000-£49,999 can earn £250 in cashback
£50,000-£74,999 can earn £350 in cashback
£75,000-£99,999 can earn £500 in cashback
£100,000+ can earn £1,000 in cashback
Ashlin Brack, UK Head of Digital Investing at Santander, said: “At Santander, we want to support our customers through all stages of life, helping them save and invest so they can live life to the fullest; that’s why we have designed our new SIPP to make managing a pension simple and give people greater control over their retirement”.
A SIPP is a ‘do it yourself’ pension that allows customers to choose how much they want to pay into their pension with the aim of building up a sum of money to provide an income in retirement. SIPP customers can either pick their own funds to invest in or allow their provider to choose for them. Designed to be a long-term, tax-efficient way of helping customers save; to qualify, customers must be at least 10 years away from retirement.
More information about Santander Personal Pension can be found on the Santander website and in branch.
- Ends –
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors
Customers must be 18 years or older and a UK resident.
The cashback will not be paid on pension investments made during the offer period which are later cancelled or if any withdrawals are made before the cashback payment date.
One cashback payment will be made per Investment Hub header account.
Customers can either start a new pension or transfer one or more existing pensions from elsewhere when making an investment into the Santander Personal Pension.
More information on Santander’s Investment Hub can be found: santander.co.uk/personal/savings-and-investments/investments
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2024, the bank had around 19,600 employees and serves around 14 million active customers, including 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC.LN) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Banco Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Banco Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2024, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,400 branches and 211,000 employees.