Open SIPP account

A SIPP is a self-invested personal pension. It's a pension pot you build yourself to live off in retirement. Unlike other types of personal pension, a SIPP gives you much more flexibility when it comes to what you can invest in.
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To find out more about SIPPs and how they can help you save for retirement, check out our SIPPs explained jargon-free guide.

You can transfer the below types of pensions to a Freetrade SIPP:

• SIPP
• Individual Personal Pension (IPP)
• Stakeholder Pension Plan (SHP)
• Free Standing Additional Voluntary Contributions (FSAVC)
• Contract-Based Workplace Pension Plan*
  
• Trust-Based Workplace Pension Plan*

*Subject to current plan rules. Some workplace pension plans cannot be transferred whilst still active.

Currently, we are unable to accept Final Salary Personal Pension, Defined Benefit Pension Plan or any pensions that contain Safeguarded Benefits including Protected Tax-Free Cash (PTFC), Protected Retirement Ages (PRA), Guaranteed Annuity Rates (GARs) or Guaranteed Minimum Pensions (GMP).
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There is no limit on how many pensions someone can have (e.g. NHS pension and a Freetrade SIPP), but clients should be aware of their own circumstances. Check more details on how to transfer your pension to Freetrade.

Your SIPP is included as part of the Plus plan, which gives you access to everything Freetrade has to offer. Invest in the full range of 6,000 stocks and ETFs, use limit orders and stop losses to stay in control of your trading and earn 3% interest on uninvested cash up to £4,000. Your Plus plan also includes a tax-efficient stocks and shares ISA.

Yes. You are able to transfer old pension pots (maybe some you forgot about!) into your Freetrade SIPP.

Contributions are capped at 100% of your annual income. You’re also able to claim tax relief on the first £40,000 you contribute each year.

No, transfers don’t use up your annual allowance. You should be aware, though, that some providers may charge exit fees or other surcharges in order to transfer - check all SIPP charges.

Currently, we are not allowing for SIPP employer contributions but hope to in the future.

We claim the 'Basic Rate' tax relief on behalf of the customer and deposit it in their Freetrade SIPP account for them automatically. It normally takes around 6-11 weeks from the top-up to the money entering their account.

Yes, you are able to move cash from your stocks and shares ISA or general investment account (GIA) directly into your Freetrade SIPP.

To close your Plus plan or downgrade to a Standard plan, you’ll have to transfer your SIPP to another provider first. This is because SIPPs are a bit different to other investment accounts and operate under slightly different rules.

You can only cancel or close a SIPP within the first 30 days of opening it. After this point your SIPP cannot be closed and the pot of money you’ve built up will be preserved until you reach the age at which you’re allowed to access your pension (currently 55).

To cancel within the first 30 days of opening your Plus plan, let us know through the in-app chat within the 30 day cancellation period. When you cancel within the first 30 days we will refund any account fees taken.

For more information take a look at SIPP key features.

The first thing to know is that a SIPP or self-invested personal pension is a type of personal pension. They are both pension pots that you build yourself.

The key thing to know about a SIPP is that it tends to offer investors a wider choice of investment options. Other types of personal pensions, such as personal and stakeholder pensions, tend to have restricted invested options.
For more details on how pensions work in the UK, check our guide on what pensions are.