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Start investing for your retirement with a low, fixed fee pension.

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Open a SIPP
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Important information: The value of your investments can go down as well as up and you may get back less than you invest. SIPP eligibility rules apply. Tax treatment depends on your personal circumstances and current rules may change.

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.

Join the thousands of people with a Freetrade SIPP

Open a sipp

Open SIPP

Start saving for your future today. Download the app, choose the Plus plan and open your SIPP account in minutes.

Transfer SIPP

Transfer pension

Head to the app, choose the Plus plan, open a SIPP account and click ‘Transfer a pension’.

Before transferring your pension to Freetrade, make sure it is the right action for you to take. Please ensure that you will not lose valuable guarantees or incur excessive transfer penalties. Some people speak to a financial advisor to help them make this decision.

Top rated SIPP provider

The Freetrade SIPP pension account was voted the best low-cost SIPP platform by the Investors' Chronicle.

We received the highest rating for website and app accessibility, value for money and customer service.

Investor Chronicle top rated sipp

Why choose a self-invested personal pension?

Tax benefits and annual contributions
Contribute up to 100% of your salary and receive tax relief on contributions up to £40,000 per tax
Take control
Decide exactly how your pension is invested, choosing products that reflect your outlook on our changing world
Consolidate your pensions
Gather multiple pensions in one accessible and low-cost account
Easy to use SIPP platform
Monitor performance and make decisions at the click of a button
And much, much more.

Receive HMRC tax relief with our SIPP

For your pension contributions, we'll claim the 'Basic Rate' tax relief from HMRC on your behalf and deposit it in your Freetrade SIPP account automatically. It normally takes around 6-11 weeks from the contribution to the tax relief appearing in your account. The HMRC tax relief depends on your eligibility. You can read more about tax relief here.

money bag

Withdrawing money from your Freetrade pension

Cash that you put in your pension is intended for retirement. 

You will not be able to access money that you invest in your Freetrade pension until you’re 55 (rising to 57 in 2028), except in special circumstances, such as serious illness. 

At present, Freetrade only offers a form of withdrawal called an “uncrystallised funds pension lump sum”. This is a payment taken from a pension, out of which you have not previously taken funds through another method, like a drawdown fund. This kind of withdrawal can impact the amount that you’re able to save into your pension in the future. 

If you’re considering withdrawing money from your pension in the next few years, it’s important that you speak to a suitably qualified financial adviser to understand your options. 

Why open a SIPP account with Freetrade?

Low fee - We’re building a low-cost SIPP. Your SIPP is included in the Plus plan for just £11.99 per month.
Commission-free dealing - Investing should be free, and we’re committed to providing this to our customers, forever. Other charges may apply.
Fractional shares - You can invest from £2 and own a piece of even the most expensive US stocks, helping you build a diversified portfolio.
Award-winning app - Manage your portfolio from anywhere via our beautiful iOS and Android apps.
Instant trades - Unlimited commission-free instant trades during stock market opening hours.
Support - Fast, friendly customer support when you need it.
Vast stock universe - You can choose from thousands of UK and US stocks and ETFs and we’re constantly adding more - see our full stock list.

SIPP account fees and charges

Your SIPP is included as part of the Plus plan for just £11.99 per month. With a simple and low monthly fee, your pension pot can grow without your fees growing too.

Disclaimer: Comparisons to other SIPP providers are based on our understanding of their published costs on their websites as at 5 July 2022, for trading shares and ETFs within a SIPP account. They are shown for illustrative purposes only. For confirmation of their up to date charges and product information, you should visit their websites.

Before initiating a pension transfer make sure that you believe, with the help of a financial adviser if required, that this is the right action for you to take. This requires you to read and understand the Freetrade
SIPP Key Features Document, Terms and Conditions, SIPP Charges and SIPP Declarations.

Comparison Disclosure ⓘ

Hargreaves Lansdown:

  • SIPP account charges are 0.45% of the value of shares in your account, capped at £200/year.

  • Fee per trade reduces to £8.95 per trade for 10-19 trades, and £5.95 for 20 or more trades.

  • The first £5,000 of a transaction is charged an FX fee of 1%, the next £5,000 is charged an FX fee of 0.75%, the next £10,000 is charged an FX fee of 0.50% and anything above £20,000 is charged an FX fee of 0.25%.

Interactive Investor:

  • We compared to the Pension Builder Plan account for ease of comparison, where you get one free trade per month, then £3.99 per trade.

  • Based on the Pension Essentials plan, which allows for a maximum portfolio size of £50,000. For portfolios above £50,000, customers are automatically moved on to the Pension Builder plan, with a £12.99 monthly account fee. FX reduces to 1.25% for trades between £25,000 - £49,999, 1% for £50,000 - £99,999.99, 0.5% for £100,000 - £599,999 are 0.5%, and 0.25% for £600,000 - £999,999.99.

AJ Bell:

  • SIPP account charges 0.25% of the value of the shares in your account, capped at £10/ month.

  • Fee per trade reduced to £4.95 when there were ten or more share deals in the previous month.

  • FX fee reduces on a tiered scale, based on transaction value: for the first £10,000 is 0.75%, £10,001 - £20,000 is 0.50%, and 0.25% for over £20,000.

  • Transfer out charges. No charge for transfers out in cash to another UK registered pension scheme. £9.95 per holding (excluding VAT) for in specie transfers to another UK registered pension scheme.

While you’re on the waitlist, why not download the app and start investing today?

How to set up a Freetrade SIPP account

It only takes a couple of minutes to set up a SIPP account with Freetrade. Start by downloading the Freetrade app, then follow the steps below.

Step 1:

Tap on the profile icon at the top right of your screen.
portfolio screen

Step 2:

Upgrade to the Plus plan (£11.99/mo).
open a sipp

Step 3:

Then follow the in-app steps to open a SIPP.
upgrade to plus

You’ll be sorted in no time. Once your SIPP is open, you can start investing straight away or transfer old pensions. Before starting a pension transfer, make sure it’s the right action for you to take. Some people speak to a financial advisor to help them make this decision.

 For more info, see our SIPP Key Features Document, Terms and Conditions, SIPP Charges and SIPP Declarations.

How to set up a Freetrade SIPP account

It only takes a couple of minutes to set up a SIPP account with Freetrade. Start by downloading the Freetrade app, then follow the steps below.

Step 1

Tap on the profile icon at the top right of your screen.

Step 2

Select Manage your plan.

Step 3

Upgrade to Plus plan and follow the steps to set up a SIPP.

Step 4

Once your SIPP is all set, you can also request a transfer.

Step 1:

Tap on the profile icon at the top right of your screen.
portfolio screen

Step 2:

Upgrade to the Plus plan (£11.99/mo).
open a sipp

Step 3:

Then follow the in-app steps to open a SIPP.
upgrade to plus

You’ll be sorted in no time. Once your SIPP is open, you can start investing straight away or transfer old pensions. Before starting a pension transfer, make sure it’s the right action for you to take. Some people speak to a financial advisor to help them make this decision.

 For more info, see our SIPP Key Features Document, Terms and Conditions, SIPP Charges and SIPP Declarations.

What can I invest in?

See which are the most traded shares by the total value of buy orders over the past week on the Freetrade app.

US, UK and European stocks

Invest in thousands of companies listed on the LSE, NYSE, NASDAQ and across Europe.

ETFs

Choose from a wide range of exchange-traded funds covering index funds, stock and bond ETFs from providers like Vanguard, iShares and Invesco, as well as HSBC and Xtrackers.

REITs

Diversify your investments with REITs, which allow you to add residential or commercial real estate assets to your portfolio without the hassle of buying and managing the properties yourself.

Investment trusts

Choose from over 150 investment trusts to diversify your portfolio across a wide range of sectors, geographical areas and markets worldwide.

SIPP FAQs

What does a SIPP stand for?

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.

To find out more about SIPPs and how they can help you save for retirement, check out our SIPPs explained jargon-free guide.

What type of pension can I transfer?

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)
  • 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).

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.

What can I invest in with 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.

Can I transfer old pension pots into a Freetrade SIPP?

Yes. You can transfer other personal pensions to the Freetrade SIPP. Transfers from defined benefit pension schemes and schemes that provide safeguarded benefits are not accepted.

Before transferring your pension to Freetrade, make sure it is the right action for you to take. Please ensure that you will not lose valuable guarantees or incur excessive transfer penalties.

How much can I contribute each year?

Contributions are capped at 100% of your annual income. You’re also able to claim tax relief on the first £60,000 you contribute each year.

Do transfers count towards my contributions?

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.

Does the Freetrade SIPP accept Employer Contributions?

No, currently we don't accept employer contributions, but we hope to in the future.

Will the HMRC 25% tax relief be added to my Freetrade SIPP account if I make a contribution?

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.

Can I move cash from other Freetrade accounts to my Freetrade SIPP?

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

How can I close or cancel my Plus plan?

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.

What is the difference between a personal pension and a SIPP pension?

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.

How can I take money from my Freetrade SIPP?

You normally need to be at least age 55 to access money in a pension fund.

If you want to take money from your Freetrade SIPP, please contact our Customer Service team in-app and they will send you a Retirement Options Pack.

At present, Freetrade only offers “uncrystallised funds pension lump sums” (UFPLS) payments, but there are other options available that you can consider when deciding how to access your pension fund.

We have to tell you about your options before we can start processing your request as it’s important that you consider which option is right for your personal circumstances. The Retirement Options Pack will help you understand your options, but if you’re not sure, please take advice from a suitably qualified financial adviser.

If you then decide to access funds from your pension plan using UFPLS, you can ask us to send you an application form and risk warning questionnaire.

What is UFPLS?

An “uncrystallised funds pension lump sum”(UFPLS) or lump sum payment is one way of withdrawing money from a pension.

You take cash from your pension fund as and when you need it and leave the rest invested, where it can continue to grow tax-free.

Normally the first 25% of each UFPLS payment is tax-free and the rest is taxed as income.

If you take money from your pension fund using UFPLS, the amount you can pay into your pensions and get tax relief on in the future is restricted. If you want to carry on saving into a pension, this option may not be suitable.

Before you withdraw money from your pension fund using UFPLS, you should think about whether it’s right for your personal circumstances, including the tax impact of taking UFPLS payments. If you’re not sure, please take advice from a suitably qualified financial adviser.

Is an uncrystallised funds pension lump sum different to drawdown?

Yes.

You can use both drawdown and UFPLS to take benefits from just some of your pension fund or from all of your pension at once.

With UFPLS you take money out of your pension as a lump sum payment 25% of which is normally tax free and 75% taxable. With drawdown you can normally take up to a quarter (25%) of the money in your pension fund as a tax-free lump sum. The rest is moved to a drawdown pension fund, where it is available to provide taxed income. You can start taking your income straight away or wait until a later date and take your income at times to suit you.

If you take money from your pension fund using UFPLS, the amount you can pay into your pensions and get tax relief on in the future is restricted. With drawdown the same restrictions apply, but only once you have taken taxable income (not the tax-free cash) from your pension.

Please note, currently there is no option to take benefits as drawdown from your Freetrade SIPP and you would need to transfer some or all of your pension fund to another pension plan in order to take your pension benefits using drawdown.

How can I take UFPLS?

If you want to take a lump sum from a pension that you haven’t accessed previously, you can contact customer service in-app who will send you an application form. Please note you normally need to be at least age 55 to request this.

Before you take UFPLS, you should consider whether it’s right for your personal circumstances. If you’re not sure, please consult an independent financial adviser first. By withdrawing money in this way, you may limit valuable tax benefits from your pension in the future.

What options for retirement benefits do I have?

At present, Freetrade only offers uncrystallised funds pension lump sums (UFPLS), but other options are available to consider when deciding how to access your pension funds.

- Use your pension fund to get a guaranteed income for life, also known as a lifetime annuity. The income is taxable, but you can choose to take up to 25% of your fund as a one-off tax-free lump sum at the outset.

- Use your pension fund to provide a flexible retirement income (flexi-access drawdown). Normally you can choose to take up to 25% of your fund as a one-off tax-free lump sum. The rest of your fund is then held in your pension plan to draw out as taxed income as and when you like and whatever amount you like, including setting up regular payments, until it has all gone. You still have the option to get a lifetime annuity with the remaining pension fund at any time.

- Take a lump sum. You can take a lump sum from your pension fund when you like for any amount you like. Normally the first 25% of each lump sum payment will be tax-free and the rest will be taxed.

- Mix your options. Choose any combination of the above, at the same time or at different times, using different parts of your pension fund./

Currently you will have to transfer your Freetrade pension fund to another provider if you want to take money from your pension as an income (drawdown) or to convert it to an annuity.

Before you withdraw money from your pension fund using UFPLS, you should think about whether it’s right for your personal circumstances, including the tax impact of taking UFPLS payments. If you’re not sure, please take advice from a suitably qualified financial adviser.

Is there a charge for making withdrawals?

Each UFPLS withdrawal from your Freetrade SIPP will cost £240.

Have questions? Email us at hello@freetrade.io or reach out via in-app chat.

Learn more about SIPPs

Updated
February 10, 2022
Updated
June 21, 2022
Updated
February 8, 2022

Simple pricing plans

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£0.00/mo

Accounts

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General investment account

Benefits

  • Commission-free trades (other charges may apply. See full pricing table.)
  • Trade USD & EUR stocks at the exchange rate + a 0.99% FX fee
  • Fractional US Shares
  • Access to more than 4,700 stocks, including the most popular shares and ETFs
£4.99/mo

£59.88 billed annually

£5.99/mo

Billed monthly

Accounts

GIA white
General investment account
ISA
Stocks and shares ISA

Benefits
Everything in Basic, plus:

  • Full range of over 6,000 US, UK and EU stocks and ETFs
  • Trade USD & EUR stocks at the exchange rate + a 0.59% FX fee
  • Automated order types, including recurring orders
  • Advanced stock fundamentals
  • 1% on uninvested cash, up to a maximum of £2,000
£9.99/mo

£119.88 billed annually

£11.99/mo

Billed monthly

Accounts

GIA white
General investment account
ISA
Stocks and shares ISA
SIPP white
Self-invested personal pension (SIPP)

Benefits
Everything in Standard, plus:

  • 3% on uninvested cash, up to a maximum of £4,000
  • Trade USD & EUR stocks at the exchange rate + a 0.39% FX fee
  • Priority customer service
  • Freetrade Web beta

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