Wealthify

Wealthify pension review

Find out how to save into your pension with Wealthify's SIPP.

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Wealthify lets you invest in a self invested personal pension (SIPP) without lifting a finger. You can choose between its portfolios based on how much risk you want to be exposed to and whether you fancy investing ethically.

What is Wealthify?

Wealthify is a mobile and app-based investment platform which offers simple and effortless ways to invest. It’s technically a “robo-investor” despite not being fully automated.

Wealthify is backed by Aviva, which acquired a majority stake in 2017.

How does the Wealthify pension work?

Wealthify offers a self-invested personal pension (SIPP). It differs from your average SIPP as it’s designed for people with no investment experience. Instead, you make use of its team of investment experts who build and manage your pension plan. This means that you don’t need to worry about selecting your own investments, all you have to do is choose a risk profile.

The risk profiles (known as “investment styles”) are:

  • Cautious. Lowest risk. This aims to minimise loss. It aims to beat inflation.
  • Tentative. Low to medium risk. This style aims to limit losses. It aims for reasonable growth.
  • Confident. Medium risk. This style balances gains against minimising loss. It aims to achieve good growth.
  • Ambitious. Medium to high risk. The priority of this style is to make gains. It aims to achieve high growth.
  • Adventurous. Highest risk. The priority of this style is to maximise gains. It aims to achieve the highest possible growth.

Can I invest ethically in Wealthify’s pension?

When signing up, you get the option to choose your investment “theme”. You can choose between “original” which includes Wealthify’s classic investments from the UK and overseas, and “ethical” which is a mix of environmentally and socially responsible investments. This makes it easier to align your values with your investments.

How much does the Wealthify pension cost?

The fees for Wealthify’s pension is the same as for its other products. You pay a percentage of the total value of your investments for its annual fee plus any investment costs, such as fund charges and market spread.

The flat rate is 0.6%, and the investment costs work out at around 0.22%, 0.66% for ethical investments.

Can I transfer over an existing pension to Wealthify?

If you’ve already got a pension with another provider, you can transfer it in or you can create a new personal pension alongside those that you already have.

Is Wealthify safe?

Wealthify is authorised and regulated by the Financial Conduct Authority (FCA), which means you could be entitled to compensation if it is found to be acting improperly.

Wealthify is also covered by the Financial Services Compensation Scheme, which means that you can receive compensation on investments up to £85,000 if Wealthify were to go bust.

It is part of the Close Brothers Group, who have been trading for over 130 years, and are backed by leading financial provider and insurer Aviva.

Compare pension providers

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Name Product Minimum investment Choose from Fee for a £50,000 pension pot Brand description
Interactive Investor Pension
Any lump sum or £25 a month
Over 3,000 funds
Annual fee: £239.88, fund fees: £50-500
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Moneyfarm Pension
£1,500 (initial investment)
7 funds
0.35%-0.75%
Moneyfarm has pensions that are matched against your risk appetite, goals and planned retirement date. Capital at risk.
AJ Bell Pension
£1,000
Over 2,000 funds
Annual fee: £125, includes fund fees
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PensionBee Pension
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PensionBee Pension
No minimum
9 funds
Annual fee: £250-475, includes fund fees
Pension Bee is a newbie in the pension market. It helps consolidate your pension plans into one place. Capital at risk.
Hargreaves Lansdown Pension
£100 or £25 a month
2,500 funds
Annual fee: £225 (£200 cap if holding shares), fund fees included
Hargreaves Lansdown is the UK's biggest wealth manager. It's got three different retirement options. Capital at risk.
Saxo Markets Pension
Saxo Markets Pension
£10
Over 11,000 funds
No annual fee
Saxo Markets gives flexibility and control over your investment strategy. Capital at risk.
Penfold
Penfold
No minimum
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Moneybox Pension
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Moneybox Pension
£1
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Annual fee: £225, fund fee: £60
Manage your money with an easy-to-use Moneybox app. Capital at risk.
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Name Product Price per trade Frequent trader rate Platform fees Brand description
eToro Free Stocks
£0
N/A
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Capital at risk. 0% commission but other fees may apply. The minimum deposit with eToro is $50.
Hargreaves Lansdown Fund and Share Account
£11.95
£5.95
£0
Hargreaves Lansdown is the UK's number one platform for private investors, with the depth of features you'd expect from an established platform. The minimum deposit with HL is £1. Capital at risk.
Freetrade
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Freetrade
£0
N/A
£0
Claim your free share worth between £3 and £200. Capital at risk.
Degiro Share Dealing
UK: £1.75 + 0.014% (max £5)
US: €0.50 + $0.004 per share
N/A
£0
Degiro is widely seen as one of the best low-cost share brokers, for people who are looking to trade regularly. The minimum deposit with Degiro is £0. Capital at risk.
interactive investor Trading Account
£7.99 (with one free trade per month)
£0
£9.99 per month
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. The minimum deposit with ii is £0. Capital at risk.
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Name Product Minimum deposit Maximum annual fee Price per trade Offer Brand description Link
Finder Award
FREE TRADES
Freetrade stocks and shares ISA
£2
£36
£0
Claim your free share worth between £3 and £200. Capital at risk.
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FREE TRADES
Fineco stocks and shares ISA
£0
0.25%
UK: £2.95
US: $3.95
EU: €3.95
Your first 100 trades are free with Fineco (T&Cs apply)
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65.11% of retail CFD accounts lose money
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Barclays Smart Investor Investment ISA
£0
0.1% (Funds 0.2%) Up to £1,500 pa
£6 (Funds £3)
Invest in over 2,000 funds plus Exchange Traded Funds (ETFs), Investment Trusts, shares and more. Capital at risk.
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Moneybox stocks and shares ISA
£1
0.45% and £1 monthly subscription fee (free for first 3 months)
£0
Moneybox offers a smart and simple way to invest. Sign up in minutes and start investing with £1 via their award-winning app. Capital at risk.
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Scottish Friendly stocks and shares ISA
£100 or £10 a month
1.5%
N/A
Welcome offer: Get up to £45 when you start investing (T&Cs apply)
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OFFER
InvestEngine stocks and shares ISA
£100
0.25%
£0
£50 welcome bonus for new customers. Subject to minimum investment. T&Cs apply. Capital at risk.
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interactive investor stocks and shares ISA
£9.99 a month
£119.88
£7.99
Interactive Investor offers everything most investors need. Its flat fees makes it pricey for small portfolios, but cheap for big ones. Capital at risk.
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Nutmeg stocks and shares ISA
£500
1.12%
N/A
Nutmeg offers three types of portfolios. Choose the one that goes with your investment style. Capital at risk.
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Hargreaves Lansdown stocks and shares ISA
£100
0.45%
£11.95
Hargreaves Lansdown is the UK's biggest wealth manager. It's got everything you'll need, from beginners to experienced investors. Capital at risk.
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76% of retail CFD accounts lose money
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Moneyfarm stocks and shares ISA
£500
0.75%
£0
Moneyfarm helps you meet your investment goals with fully-managed portfolios designed around you. Capital at risk.
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Fidelity Stocks and Shares ISA
£1000 or a regular savings plan from £50
0.35%
£10.00
Fidelity is another good all-rounder, offering a good package at a decent price. Not suited for trading shares. Capital at risk.
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Legal & General stocks and shares ISA
Legal & General stocks and shares ISA
£100 or £20 a month
0.61%
N/A
Legal & General is a big financial services company which offers insurance, lifetime mortgage, pensions and stocks and shares ISAs. Capital at risk.
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AJ Bell Stocks and Shares ISA
£500
0.25%
£9.95
AJ Bell is a good all-rounder for people who to choose between shares, funds, ISAs and pensions. Capital at risk.
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Saxo Markets stocks and shares ISA
No minimum deposit requirement
0.12%
£8.00
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All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.

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