Combine your pensions at Freetrade

Pensions that are transferred to the Freetrade SIPP may lose the protected pension age benefit. This means that you will not be able to draw the monies from the Freetrade SIPP until you are aged 57. Please ensure you know what this means for you and the effect it may have on you and your savings. Check before you transfer a pension to us that we can accept your investments, you won’t lose any valuable benefits or guarantees, and that you know what charges you may incur. Seek advice from a suitably qualified financial adviser if you are unsure about making a transfer.

A SIPP is a pension designed for you to save until your retirement and is for people who want to make their own investment decisions. You can normally only draw your pension from age 55 (57 from 2028), except in special circumstances.

At present, Freetrade only supports Uncrystallised Fund Pension Lump Sums (UFPLS) for customers who wish to withdraw funds from their SIPP after their 55th birthday. We strongly encourage you to seek financial advice before making any withdrawals from your SIPP.

Check before you transfer a pension to us that we can accept your investments, you won’t lose any guarantees, and that you know what charges you may incur. Seek advice if you are unsure about making a transfer. Always do your own research.

Pensions that are transferred to the Freetrade SIPP may lose the protected pension age benefit, if applicable to you, meaning that you will need to wait longer until you can draw monies from your Freetrade SIPP. Please ensure you know what this means for you and the effect it may have on you and your savings.

Freetrade won't charge you to transfer your pension to us, but please check with your existing provider what fees or restrictions may apply from them. We cannot provide you with any advice therefore it is your responsibility to ensure you are happy that transferring to the Freetrade Pension is right for you.

If you're unsure if transferring your pension to Freetrade is right, you should take advice from a suitably qualified financial adviser. For more info, see our SIPP Key Features Document, Terms and Conditions, Charges Schedule and SIPP Declarations.

Further considerations

Combining all your pension plans will give you better visibility on how your retirement plan is shaping up and should help to cut down costs in the long term.

Focusing on growing your pension is great; however, before making any changes to your current plan, you should make sure that transferring it is the right thing to do, with the help of a financial adviser, if required.

Is your current provider going to charge you any exit-fees?
Will any market value adjustment (MVA) apply on transfer from your existing provider?
Will you lose any valuable benefits or guarantees? We cannot accept transfers from Final Salary Pensions, Defined Benefit Pensions or any pensions that contain Safeguarded Benefits which includes Protected Tax Free Cash (PTFC), Protected Retirement Ages (PRA), Guaranteed Annuity Rates (GARs) or Guaranteed Minimum Pensions (GMP).
How long might the transfer take and what impact might this have on your existing portfolio?
Can you transfer your existing pension plan investments without cashing them in?