The Freetrade SIPP

Terms and Conditions

Version 8, December 2023
This is an important document which sets out the terms and conditions of your Freetrade SIPP and how it will be operated. You should read the whole document. If, having read this document, you have any questions, please contact Freetrade, whose contact details are at the end of this documents.

1. Introduction

The Freetrade SIPP is a pension plan that allows you to save for retirement in a tax-effective way, with the potential to invest in a wide range of investments.

This document sets out the main terms and conditions of the pension plan that operates under the Freetrade SIPP Scheme. Gaudi Trustees Limited is the Trustee of the Scheme. Platform One Limited is the Scheme Administrator and will administer the Freetrade SIPP in accordance with the Scheme Trust Deed and Rules. The Terms and Conditions are subject to the provisions of the Trust Deed and Rules. If there is any inconsistency between the terms in this document and the provisions of the Trust Deed and Rules, the Trust Deed and Rules prevail. You can ask Freetrade for a copy of the Trust Deed and Rules.

Your application to join the pension plan confirms your agreement to these SIPP Terms.

These SIPP Terms, together with your completed application, form a legally binding agreement between you and us (Platform One Limited and Gaudi Trustees Limited).

The Freetrade SIPP is only available to customers of Freetrade. Freetrade will provide investment services in respect of your Freetrade SIPP as described in Freetrade’s Terms and Conditions.

Where these SIPP Terms make reference to Freetrade’s Terms and Conditions we are entitled to rely on your acceptance of Freetrade’s Terms and Conditions.

Where these SIPP Terms conflict with Freetrade’s Terms and Conditions, the terms set out in these SIPP Terms shall prevail.

2. Understanding this document

2.1 Certain terminology is used throughout these SIPP Terms; unless otherwise stated the meaning of the words are defined below.

The word(s) used

What it means

The Act Part 4 of the Finance Act 2004 and the schedules relating to that part, as amended from time to time.
The Administration Company Platform One Limited, who will provide administration services to the Scheme as specified in the Trust Deed and Rules.
Annual Allowance The maximum amount that can be contributed annually to a pension as specified by HMRC pursuant to the Act without incurring a personal tax charge.
Annuity An investment or insurance contract which you may be able to buy with your Pension Fund, entitling you to a pension income each year in retirement.
Basic Amount The amount which can be contributed annually to a pension irrespective of earnings or employment status.
Benefit An actual or prospective entitlement to any benefit from the Scheme.
Charges Schedule The separate document ‘Charges Schedule’, which provides details of Freetrade’s charges in relation to the Freetrade SIPP.
Contribution Any payment, excluding pension transfer payments, made by you to the Pension Plan.
Custody Provider The platform that provides safe custody of the cash and assets held under the pension plan. Freetrade Limited acts as custodian in accordance with Freetrade’s Terms and Conditions.
Default Investment The FCA requires SIPP Operators to provide a ‘default’ investment option to meet the needs, objectives and characteristics of a typical non-advised SIPP member. The default option is not tailored to the specific needs, objectives, or characteristics of any individual customer and it should not be regarded as advice. There is no obligation to invest in the ‘default’ investment option, which may change in future.
Events beyond our reasonable control (force majeure) A major event, natural or manmade, that impacts on the delivery of our obligations as described in the relevant section below.
FCA The Financial Conduct Authority (or any applicable successor body).
Freetrade Freetrade Limited. The co-manufacturer, promoter and distributor of the Freetrade SIPP and manager of customer interaction. Freetrade Limited provides investment services in relation to your SIPP in accordance with the Freetrade Terms and Conditions.
Freetrade Terms and Conditions The terms and conditions which relate to the provision of investment services by Freetrade in respect of your Freetrade SIPP.
HMRC HM Revenue & Customs.
Lifetime Allowance The limit as to the maximum you can take from all your pension arrangements without incurring an additional tax charge (the Lifetime Allowance charge). The Government announced the Lifetime Allowance charge would be removed from 6 April 2023 and the Lifetime Allowance fully abolished from the 2024/2025 tax year. In the meantime income tax may be payable on certain benefits that exceed the Lifetime Allowance.
Money Purchase Annual Allowance This applies from the point you first access any pension benefits flexibly and is the maximum amount that can be contributed annually thereafter to money purchase pension schemes without incurring a personal tax charge.
Pension Fund The value of the assets under your Freetrade SIPP. The value will depend on payments into your Freetrade SIPP, such as all contributions, pension transfer payments, pension credits and investment returns and taking into account deductions such as investment charges and fees.
Pension Input Period The period from 6 April to 5th April each year used to test all your contributions to registered pension schemes against the annual allowances.
Pension Plan The Freetrade SIPP.
Pension Transfer A transfer of cash and/or investments, into or out of your Freetrade SIPP, made to or from another registered pension scheme.
Permitted Investments Investments made available via the Freetrade mobile app, at the discretion of the Scheme Trustee and Operator and cash held by Freetrade for your Freetrade SIPP.
Platform One Limited The FCA authorised and regulated Operator of the Scheme and the HMRC registered pension Scheme Administrator.
Relevant UK earnings Employment income such as salary, wages, bonus, overtime, commission providing it is chargeable to tax under section 7(2) Income Tax (Earnings and Pensions) Act 2003. Also includes individual self-employed or partnership income derived from a trade, profession or vocation chargeable under Part 2 Income Tax (Trading and Other Income) Act 2005. Other sources of income may qualify and you should seek specialist advice if necessary.
Scheme The Freetrade SIPP, a registered pension scheme established under a Trust Deed and Rules under which the pension plan operates.
Scheme Administrator The HMRC registered Scheme Administrator is Platform One Limited.
Scheme Operator The FCA authorised and regulated operator of the Scheme is Platform One Limited.
SIPP The Freetrade SIPP.
Trust Deed and Rules The Trust Deed used to establish the Scheme and the attaching Rules and any amendments or modifications to them.
Trustee Gaudi Trustees Limited who will act as Trustee to the Scheme, as appointed by the Trust Deed and Rules.
Uncrystallised Funds Pension Lump Sum (UFPLS) A way of receiving benefits from some or all of your Pension Fund. 25% of the lump sum is tax-free, with the remainder being subject to income tax.

2.2 References to “we”, “us”, “our” or “ourselves” in these terms are references to both Platform One Limited, in its capacity of Scheme Operator and Administrator and Gaudi Trustees Limited as Trustee.

2.3 References to “you” or “your” are to you as an investor in and a member of the Scheme following acceptance by us of a properly completed application and receipt of the first Contribution payment or Pension Transfer into your Pension Plan. 

2.4 The singular includes the plural and vice versa. The masculine includes the feminine.

3. How the Scheme is structured

3.1 The Scheme is a registered pension scheme under the Act.

3.2 You are only entitled to receive payments from the Scheme in the form of authorised payments as defined under the Act.

3.3 The Scheme has been established within the meaning of Part 4 of the Finance Act 2004 and is governed by a Trust Deed and attaching Rules. The Trust Deed determines that the Operator and Scheme Administrator of the Scheme is Platform One Limited (the Administration Company) and that the Trustee of the Scheme is Gaudi Trustees Limited (the Trustee).

3.4 The Trustee will hold the assets of the Pension Fund in its name and the Administration Company will administer the Freetrade SIPP in line with these SIPP Terms, the Trust Deed and Rules, and the Act.

3.5 Platform One Limited (Scheme Operator) is authorised by the Financial Conduct Authority to ‘establish, operate and wind up personal pension schemes including SIPPs’. The Scheme Operator will administer the Scheme in accordance with the Scheme Trust Deed and Rules.

3.6 The reference source for any conflict between these SIPP Terms, the Trust Deed and Rules or any other documentation will always be the Act.

4. Advice

4.1 Nothing provided to you by us, whether verbally or in writing, should be construed as financial, investment or tax advice as defined by the Financial Services and Markets Act 2000, unless expressly stated.

4.2 Unless we tell you this is not the case, you will be treated by us as a retail client as classified by the Financial Conduct Authority.

4.3 Freetrade will show you an investment, which is  labelled as a ‘default’ investment option. The default option has been determined by us to meet the needs, objectives and characteristics of a typical non-advised Freetrade SIPP member. The default option is not tailored to your specific needs, objectives, or characteristics as an individual customer. You can find information about the default investment in the FAQs on the Freetrade website. If you wish to ensure that the Freetrade SIPP and any investments within it are suitable for you, you should consider seeking advice from suitably authorised and regulated adviser.

4.4 On reaching age 50, you can use Pension Wise from MoneyHelper, a free and impartial service to help you understand what your pension benefit choices are and how they work. This service can be accessed via https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise.

4.5 It is strongly recommended that prior to accessing your pension benefits you seek advice from a suitably qualified financial adviser or obtain guidance from Pension Wise.

5. Membership of the Scheme

5.1 By agreeing and accepting the application declarations you are making certain declarations about your eligibility to join the Scheme and claim tax relief as well as agreeing to open your Pension Plan and to become a Scheme member on these terms and also accept the Trust Deed and Rules.

5.2 Membership of the Scheme is dependent on you supplying suitable documents or other evidence in order that your identity can be established by Freetrade in order to ensure compliance with Anti-Money Laundering legislation and any other regulations that may apply from time to time. Freetrade reserves the right to use online systems and checks to verify your identity and address.

5.3 Membership of the Scheme is subject to you being age 18 or over and is at the discretion of the Administration Company.

5.4 Your membership will formally commence from the date on which the first contribution payment or pension transfer payment into your pension plan clears.

5.5 You can end your membership of the Scheme by reducing your Pension Fund to zero value by:

a) making a Pension Transfer of your Pension Fund to another registered pension scheme; or

b) subject to you being eligible to do so
i) using your Pension Fund to purchase an annuity; or
ii) withdrawing your Pension Fund in the form of UFPLS.

5.6 Your membership will also end on your death but your Pension Plan will remain open until such time as all of your Pension Fund has been paid out in the form of authorised death benefit payments.

5.7 The Administration Company can end your membership if, for any other reason than given in 5.5 and 5.6, your Pension Fund is of zero value, for example, due to the deduction of charges, the failure of a pension plan investment or other authorised payments which may include payments made in accordance with a divorce or bankruptcy court order.

5.8 The Pension Fund will be deemed to be of zero value where your Pension Fund is of zero value and there is no expectation of any further value arising, as determined at the discretion of the Administration Company.

5.9 Your membership may also end in the event that the Scheme is wound up in accordance with the Rules of the Scheme under which the Scheme Operator has discretion to provide you with authorised benefits, for example by way of purchase of an annuity, payment of an UFPLS, or Pension Transfer to another pension scheme.

6. Contributions

6.1 If you are eligible to make UK tax-relievable Contributions then you may make Contributions to your pension plan in accordance with the Freetrade Terms and Conditions.

6.2 We do not accept personal Contributions that are not eligible for tax relief. When agreeing to the application declaration, among other things, you are confirming that your Contribution is eligible for tax relief and your gross Contributions in any tax year (i.e. your contributions after tax relief has been added) will not exceed the higher of the Basic Amount or 100% of your relevant UK earnings. It is your responsibility to ensure your Contributions do not exceed this limit. Personal Contributions from age 75 onwards are not eligible for tax relief and are therefore not accepted.

6.3 You are responsible for monitoring your contributions in relation to the Annual Allowance and for payment of any Annual Allowance charge that may apply. If your contributions across all of your pension arrangements in any tax year exceed the Allowance applicable to you (the Annual Allowance, the Tapered Annual Allowance, which applies to high earners, or the Money Purchase Annual Allowance, which applies once you start drawing benefits flexibly), you may be subject to an Annual Allowance charge payable directly by you to HMRC. Depending on your personal circumstances, you may be able to use carry forward of unused Annual Allowances from previous years to offset the charge.

6.4 Contributions may be made through a transfer of money via such methods as Freetrade may allow in accordance with the Freetrade Terms and Conditions.

6.5 We will treat all personal Contributions as being eligible for tax relief, in accordance with clause 6.2. We will claim basic rate income tax relief from HMRC on each Contribution you make and add it to your Pension Plan on receipt. HMRC may take several months to process the tax relief claim and the money claimed is not available for investment until we receive it from HMRC.

6.6 You are responsible for claiming any tax relief above the basic rate of income tax to which you are entitled, directly from HMRC. This is paid to you and not added to your Pension Plan.

6.7 If at the end of a tax year your contributions have exceeded the amount on which you are entitled to tax relief, for example due to lower than expected earnings, you should inform Freetrade as soon as possible. We are required to refund to HMRC the excess tax relief that your Pension Plan has received from it. You will be required to make disinvestments to provide enough cash for us to make the refund. If there is not enough cash available in your Pension Fund then the Administration Company may direct the Trustee to dispose of assets within your Pension Fund to make the refund. You can apply to us for a refund of your excess net Contribution; we will only accept requests for a refund at the time of notification. We may, at our discretion, agree to refund to you the excess net Contributions provided there is enough available cash in your Pension Fund to do so. The amount refunded will not be adjusted to take account of any investment loss or growth within your Pension Plan relating to the excess Contribution. You will be notified of any applicable charges.

6.8 If you are liable to an Annual Allowance charge and you qualify and give notice under ‘Scheme Pays’ legislative provisions for your Pension Plan to pay some or all of the charge to HMRC, you agree that you will only give such notice if there is sufficient value available in your Pension Fund and that you will make disinvestments to provide enough cash to pay the charge. If you do give notice and there is not enough cash available in your Pension Fund then the Administration Company may direct the Trustee to dispose of assets within your Pension Fund to pay the charge. You agree and understand that if there is not enough value within your Pension Fund that you are personally liable to pay the charge and indemnify us against any liability to do so.

6.9 Your Pension Input Period, as defined by the Act, will start on the first day you make a contribution and will end on the following 5 April. Subsequent periods will then run from 6 April to 5 April in future years.

7. Transfers in

7.1 The Administration Company may, at its discretion, accept Pension Transfers from other registered pension schemes, subject to the Trust Deed and Rules, and the Act.

7.2 We will not accept Pension Transfers of defined benefits or safeguarded rights of any size.

7.3 For all Pension Transfers it is your responsibility to ensure a transfer of pension benefits is in your best interests. Consequently, you should consider taking advice from a suitably qualified financial adviser. As described in the Advice section above, we do not provide advice. Acceptance of a transfer is in no way an endorsement of the suitability for you of the Pension Transfer.

7.4 Transfers in of funds in drawdown (crystallised funds) are not currently allowed.

7.5 An acceptable Pension Transfer can be made in the form of cash to the Freetrade bank  account agreed by us as suitable for such purposes and will be processed and held in accordance with the Freetrade Terms and Conditions. Alternatively, where the investments held under the transferring scheme are also available to be held under this Pension Plan, you may request for the Pension Transfer to be made in the form of an in-specie transfer of those investments, which will be facilitated, where possible, in accordance with FCA regulations and the Freetrade Terms and Conditions. If any investments transferred are available under this Pension Plan with lower fund management fees, you will be given the option to convert the transferred investments to the lower priced version.

7.6 We will not give disinvestment instructions to the existing pension scheme provider. Where you request the Administration Company to apply for Pension Transfer from an existing pension scheme in cash you take responsibility for arranging disinvestment of any investments held within that pension scheme, if required under the terms of that scheme. We accept no liability for delays in concluding the Pension Transfer as a result of disinvestment instructions not having been received or actioned by the transferring pension scheme provider.

7.7 The Administration Company reserves the right to refund a Pension Transfer (whether in part or whole) which has been made in error without your authority.

8. Cancellation rights

8.1 You are entitled to a 30 calendar day cancellation period in the following circumstances:

8.1.1 When you initially join the Scheme you have the right to cancel your new Pension Plan. The cancellation period begins on the date on which you formally become a new member of the Scheme, which is the date the first payment into your Pension Plan clears, whether this is a Contribution payment or a Pension Transfer of benefits from another pension plan.

8.1.2 Each time you make a Pension Transfer into your existing Pension Plan you have the right to cancel that Pension Transfer. The cancellation period begins on the date on which the Pension Transfer is received into your Pension Plan.

8.2 If you cancel your Pension Plan:

8.2.1 Any Contributions will be returned, less any tax relief claimed on your behalf, which will be returned to HMRC.

8.2.2 Any Pension Transfers received will be deemed as having been cancelled and the relevant clauses in this section must be complied with in order to cancel your Pension Plan. Any Transfers requested but not received will be stopped where possible.

8.3 Where you exercise your right to cancel in respect of a Pension Transfer, we will attempt to pay the funds back to the scheme or arrangement from which the funds have been received. The previous scheme or arrangement may refuse to take back the funds, or may only accept them on revised terms, which are not acceptable to you, in which case you will be responsible for nominating a new registered pension scheme to which the funds can be transferred.

8.4 Where investments are made during this 30 day cancellation period, and we receive a valid notice of cancellation, you will be responsible for subsequently instructing disinvestment.

8.4.1 We will not be liable if the amount realised is less than the amount invested, i.e. there is a risk you may get back less than you put in to the pension plan because of changes in the value of investments and investment charges.

8.4.2 We will only refund a maximum of the net Contributions made. Any money that is in excess of the net contribution will fall within the General Fund under the Scheme and will be paid to our chosen charity.

9. Pension plan investments

9.1 Investments, which includes cash holdings, will be held by Freetrade on behalf of the Trustee, in accordance with the Freetrade Terms and Conditions.

9.2 Any investment income, including interest, or capital gains from your Pension Plan investments will be held by the Trustee on your behalf and will form part of the assets and, therefore, value of your Pension Fund.

9.3 You are only permitted to invest your Pension Plan in the investment options made available via the Freetrade mobile app and you give your instructions for investment via those facilities.

9.4 The investment options that are made available to you, which may be changed from time to time, are subject to them being and remaining Permitted Investments.

9.5 The Operator and Trustee of the Scheme has the discretion to determine whether any investment is a Permitted Investment under the Rules of the Scheme.

9.6 For the Freetrade SIPP the Permitted Investment range is currently restricted as follows:

9.6.1 Cash.

9.6.2 Investments that are suitable for SIPP investments, which are made available to you in accordance with the Freetrade Terms and Conditions.

9.7 The Operator and Trustee reserves the right to amend the Permitted Investment range at any time.

9.8 Where an investment is no longer a Permitted Investment, the Operator and Trustee has the right to instruct Freetrade not to make any further purchases of such investments and to disinvest from such investments. You will be informed of any such actions but your permission for such actions to take place is not required.

9.9 We cannot be held liable for any losses arising from any change to the investment options made available nor where further investment is suspended or disinvestment is required due to an investment no longer being permissible.

9.10 The Administration Company will only act in accordance with directions from you, other than where the following sub-clauses apply, in which case the Administration Company has the right to direct the Trustee to sell or switch investments without consultation with you or your prior agreement:

9.10.1 where, in our opinion, the continued retention of an investment would or may be unlawful or in contravention of rules and guidance of regulatory bodies or authorities such as the FCA;

9.10.2 where, in our opinion, the continued retention of the investment would or may impose tax or other costs which your Pension Fund may not be able to meet;

9.10.3 the investment needs to be disposed of to meet any tax liability or other liabilities or costs (including our own incurred in the administration of your pension plan);

9.10.4 where the investment is no longer a Permitted Investment;

9.10.5 where the default option, in respect of the Freetrade SIPP, is changed;

9.10.6 to comply with a court order; or

9.10.7 to pay out death benefits.

9.11 It is only possible to invest cash paid by means of a Contribution or a Pension Transfer once that cash becomes cleared funds. There are, however, certain situations where funds are received in respect of a contribution or transfer that subsequently fail to clear once investments have been made. In these circumstances, we may dispose of the assets without consulting you. We will not be liable if the amount realised is less than the cost of acquiring the assets and we will be entitled to charge your Pension Plan an amount to cover our costs. We will notify you of the costs involved.

9.12 Where appropriate and as required, you authorise the Administration Company to accept the terms and conditions of third-party investment providers on your behalf.

9.13 You are responsible for any investment decisions you make. We cannot be held liable for any losses arising from your investment decisions, including where you choose to invest in the default investment.

10. Borrowing

10.1 Borrowing including overdrafts and accounts going overdrawn, is not permitted.

11. Transferring out

11.1 The Administration Company on behalf of the Trustee has discretion to make a Pension Transfer of all or part of the value of your Pension Plan to another registered pension scheme. This will be done as soon as practicable upon request. Any accrued administration fees and tax charges will be levied prior to the Pension Transfer together with any costs incurred in disposing of Pension Fund assets. The Pension Transfer will be made subject to current legislation and HMRC rules.

11.2 We will not make a Pension Transfer out in accordance with these SIPP Terms unless we are satisfied as to each of the following:

11.2.1 we have proper authority to make the Pension Transfer;

11.2.2 we are in receipt of all the necessary documentation;

11.2.3 we have received all the fees due to us and in the case of Freetrade, it has received all amounts due and payable to it;

11.2.4 all liabilities and costs have been satisfied by your Pension Fund;

11.2.5 the conditions for pension transfers, as set out in regulation, have been met; and

11.2.6 making the Pension Transfer out is not likely to prejudice any protected benefits, or be unlawful or be made to an unrecognised or unregistered scheme or be made to a scheme suspected of being involved in a scam or pensions liberation.

11.3 We do not accept liability in respect of delays in completing the Pension Transfer out due to carrying out all reasonable checks in accordance regulations or with the provisions of this Transferring out section, nor where we refuse to make a Pension Transfer out due to our findings.

11.4 In some circumstances it may be necessary for us to delay a Pension Transfer out, for example, where an investment is no longer readily realisable. We will advise you where this is likely to be the case.
11.5 You may ask us to make a Pension Transfer out of some or all of your Pension Fund in-specie. An in-specie Pension Transfer out will be subject to the Freetrade Terms and Conditions and is only possible where the receiving scheme is prepared to hold the relevant investments. The Administration Company does not accept any liability in respect of delays in the completion of your Pension Transfer arising as a result of delays in the re-registration process.

11.6 Where you instruct us to make a Pension Transfer out of your Pension Fund, in the form of cash you will be responsible for arranging any necessary disinvestment through the Freetrade mobile app. The Administration Company does not accept any liability in respect of delays in the completion of your transfer arising as a result of delays in the disinvestment process.

12. Payment of benefits

12.1 We can, at our discretion, pay benefits in accordance with the Trust Deed and Rules, and the Act.

12.2 You will be eligible to receive pension benefits on attaining normal minimum pension age but benefits may be paid earlier if ill health conditions, as defined by the Act, are applicable.

12.3 If you suffer from serious ill health, as defined by the Act, a Serious Ill Health Lump Sum may be paid from the pension plan. There is no minimum age requirement for this.

12.4 Your Pension Fund can be used to purchase an annuity from an annuity provider or to pay an Uncrystallised Funds Pension Lump Sum (UFPLS).

12.4.1 If you purchase an annuity, your Pension Fund will be transferred to your chosen annuity provider and payments will be made in accordance with their terms.

12.4.2 If you choose to take an Uncrystallised Funds Pension Lump Sum (UFPLS) 25% of the sum is payable tax-free and the remaining 75% will be subject to income tax. Such payments made by us to you from your Pension Fund will be made net of tax.

12.5 Where you first take benefits under this pension plan by UFPLS (or flexibly under any other pension plan) any contributions you make to a money purchase pension scheme thereafter will be subject to the Money Purchase Annual Allowance.

12.6 At the point you wish to take benefits you will be required to complete an application form.

12.7 UFPLS payments will be made to a UK bank account held in your name. Alternative banking arrangements will only be allowed at our discretion.

12.8 UFPLS payments will be made as one-off payments.

12.9 All payments are conditional on there being sufficient cash available in your pension plan. You are responsible for placing disinvestment instructions with the Investment Provider where necessary to meet your benefit requirements.

12.10 On your death your Pension Fund can be used to provide your beneficiaries, selected at our discretion, with a lump sum. If death occurs before your 75th birthday then the death benefit payments will generally not be subject to tax unless the death benefits have not been settled within the two years of notification of your death. If death occurs on or after your 75th birthday then the death benefits are generally subject to tax at the recipient’s rate of income tax. You are recommended to complete and keep updated an “Expression of Wish” of who you would like your beneficiaries to be; while it cannot be binding, it will be taken into consideration.

12.11 We will not pay benefits in accordance with these SIPP Terms unless we are satisfied as to each of the following:

12.11.1 we have proper authority to pay the benefits;

12.11.2 we are in receipt of all the necessary documentation;

12.11.3 we have received all the fees due to us and in the case of Freetrade, it has received all amounts due and payable to it;

12.11.4 all liabilities and costs have been satisfied by your Pension Fund; and

12.11.5 all outstanding Pension Transfers have been received by your Pension Plan.

13. Valuations and reporting

13.1 You will be able to view the value of your Pension Plan via the Freetrade mobile app.

13.2 Once a year we are required to send you a `Statutory Money Purchase Illustration’ based on the current value of your Pension Plan. It will provide you with an estimate of what your Pension Plan may be worth in today’s terms by the time you reach your selected retirement age.

13.3 If your contributions exceed the Annual Allowance or Money Purchase Annual Allowance, if applicable, we are required to send you a Pension Savings Statement. You are required to use the information in the statement to report the excess contribution to HMRC who will then levy the appropriate tax charge on you.

13.4 If you flexibly access benefits for the first time via another pension arrangement you must tell us within 91 days and provide the date it occurred.

13.5 We will provide all of the above documents to you via the Freetrade mobile app unless otherwise advised.

13.6 You agree to review the above documents on receipt and advise us immediately of any errors or discrepancies. We cannot be held liable for any loss as a result of errors or discrepancies that you should reasonably be aware of but failed to notify us of.

14. Indemnity and liability

14.1 If you carry out an action in respect of your pension plan that is unlawful or contrary to these SIPP Terms, the Trust Deed and Rules, the Act or other legislation, or any other action, including an unauthorised payment, that results in a liability or cost to your pension plan or the Scheme, you are required to indemnify us against any such liability or cost and we are entitled to recover any such claims, costs and expenses from your Pension Fund.

14.2 Where insufficient cash is held within your Pension Fund, we may require you to dispose of assets or investments within the Pension Fund to meet the shortfall. If there is still a shortfall to cover the costs or liability, we may require you to pay us the amounts due.

15. Taxation

15.1 You are entitled to receive tax relief on your personal Contributions to the Pension Plan, subject to the limits prescribed by the Act and current legislation. Where you exceed these limits, or if for any other reason tax relief is not available on your Contribution, we may deduct from your Pension Fund a sufficient amount to account for the excess tax relief and repay it to HMRC. You are required to inform us where you believe you may have contributed more than the limit.

15.2 The Act sets a limit, known as the Lifetime Allowance, as to the combined total of pension benefits that you can receive from registered pension schemes without incurring additional tax charges. Changes to pensions legislation, made with effect from 6 April 2023, mean that there is no longer a Lifetime Allowance charge, but certain benefits which exceed the Lifetime Allowance will be subject to income tax. The Government has announced that it intends to remove the Lifetime Allowance completely by the 2024/2025 tax year, but in the meantime all other aspects of the requirements relating to the Lifetime Allowance remain in place. This means that if you were able to take benefits from this Pension Plan, then at the time of taking any benefits from your pension plan or at age 75 where you still have funds under this Pension Plan, you are required to inform us of the percentage of the Lifetime Allowance you have already used up in order that we may calculate whether you have exceeded the Lifetime Allowance and the extent of any tax payable from your Pension Fund.

15.3 We may also be liable from time to time to other tax charges, including a scheme sanction charge in relation to your Pension Plan if a tax chargeable payment is made. Where such tax charges are incurred, other than through any fraud, negligence, or breach of regulatory duty on our part, you agree to us deducting the necessary amounts from your Pension Fund to meet the tax charges due. Where your Pension Fund is unable to meet the payment of the tax charge, we may require you to pay us the amounts due.

16. Fees, charges and expenses

16.1 You will pay fees and charges to Freetrade in respect of your Freetrade SIPP in accordance with the Freetrade Terms and Conditions.

16.2 Please refer to Freetrade’s Terms and Conditions and `Charges Schedule’ for details.

16.3 We receive payment for the administrative work we undertake in respect of the Freetrade SIPP under separate commercial agreements and therefore we do not charge you or your Pension Plan directly for the work we undertake. If a situation were to arise where we were unable to continue to receive payments via the separate commercial arrangements then we reserve the right to commence charging you or your Pension Plan directly for the continued administration of your Pension Plan. We do not expect this to happen but if it does we will issue amended SIPP Terms including details of our charges and giving you 30 days’ notice.

16.4 There may be rare situations where an additional fee is required for carrying out work not covered by the fees detailed in the ‘Charges Schedule’. Where this arises you will be notified before any work is carried out to agree this additional fee.

16.5 On closure of your Pension Plan all charges then due shall be payable prior to closure and no charges are refundable in part or full.

17. Information, communication and notices

17.1 We require you to provide us with all accurate information that we may reasonably require in order to administer your Pension Plan and fulfil our obligations under these SIPP Terms.

17.2 All communications, whether from you or us, must be in English.

17.3 Unless otherwise specified in these SIPP Terms, communications (including instructions and notices) for the purpose of these Terms and Conditions and the administration of your Pension Plan should be given via the secure Freetrade mobile app.

17.4 Where the Freetrade mobile app is not available or is unsuitable for communications, communications may be given to us, using the contact details on the last page of this document.
- Orally. We reserve the right to refuse to act on any instruction until written instruction is received.
- In writing. This may be delivered personally, posted or emailed. Any communication by email must be from the verified email address we have on record for you.

  • Orally. We reserve the right to refuse to act on any instruction until written instruction is received.

  • In writing. This may be delivered personally, posted or emailed. Any communication by email must be from the verified email address we have on record for you.

18. Data protection

18.1 We need to know basic personal information in order to provide the services you have engaged us to provide.

18.2 Platform One Limited and Gaudi Trustees Limited are committed to protecting and respecting your privacy. Our Privacy Statement, as outlined below, is to let you know:

  • how and why we collect personal information;

  • what we do with it;

  • when and why we share it with other organisations; 

  • how long we keep it; and

  • the rights and choices you have with regard to your personal information.

19. Privacy Statement

Platform One Limited (Company number: 06993268) and Gaudi Trustees Limited (Company number: 07898388) will be known as the ‘Controller’ of the personal information you provide to us. Their registered address is: Peartree Business Centre, Cobham Road, Wimborne, Dorset, BH21 7PT.

The lawful bases we rely on for processing your personal information are:

  • Your consent. You are able to remove your consent at any time. You can do this by emailing compliance@platform1online.com.

  • We have a contractual obligation.

  • We have a legal obligation.

  • We have a legitimate interest.

Contacting us regarding your privacy
If you have any questions about how we have handled your personal information or wish to raise a complaint about how we have handled your personal information, you can contact our Data Protection Officer at compliance@platform1online.com.

If you are not satisfied with our response, or believe we are processing your data unfairly or unlawfully, you can complain to the Information Commissioner’s Office (ICO). For further information about the ICO and their complaints procedure https://ico.org.uk/concerns/.

How we collect personal information
You may give us information about yourself by completing application forms (paper versions or our online services) or by contacting us by phone, email or letter.

The personal information we gather may include, but is not exclusive to:

  • Name

  • Address

  • Date of birth

  • National Insurance number

  • Pension reference number

  • Gender

  • Email address

  • Telephone number

  • Bank account details 

  • Medical information (in certain limited circumstances) 

  • Any further information required as part of a product application

What we do with it
The personal information we collect may be transferred to, and stored at a destination outside the European Economic Area (EEA). This could be to external service providers working on our behalf.

Where any such processing takes place, appropriate controls, such as adoption of agreements containing the appropriate standard clauses, will be put in place to ensure that the personal information is protected to the same standard as if it were in the UK.

How long we keep it
In most circumstances we will retain personal information for the lifetime of a plan or product or for up to seven years after the end of the relationship with us e.g. where a plan is closed following the payment of benefits. This is to ensure we comply with our retention obligations, as set out by the Financial Conduct Authority (FCA) and other regulatory and legislative requirements.

Certain circumstances dictate that we retain some specific information for longer, e.g. pension transfer information, HMRC tax records etc.

Our retention obligations are reviewed on a regular basis to ensure that we do not keep personal information longer than we are legally obliged to.

Sensitive personal information
 It may also benefit you to notify us of any health condition or disability you have, so that we are aware of these conditions and how they affect you. This will allow us to take any reasonable steps to accommodate specific needs or requirements you have when providing our services to you. This type of information is known as “special category information”, also referred to as ‘sensitive personal data’, we require your explicit consent to process this data.

What are your rights?
Under data protection legislation, you have several rights regarding the use of your personal information as follows:

If at any point you wish to either confirm whether your personal information is being processed and/or access the information we hold on you, you can request to see this information, we will respond to any request within one month.

You are entitled to have your data corrected if it is inaccurate or incomplete.

You are entitled to have information deleted if it is no longer needed or there is no longer a legitimate reason for the processing.

You have the right to object to the processing of your personal information (note that this only provides you with the right to raise your objections, and is not a blanket right to have any and all processing ceased).

20. Events beyond our reasonable control

20.1 As a result of an Event beyond our reasonable control, we may be unable, wholly or in part, to carry out some or all of our obligations in relation to your Pension Plan. In this event, unless you might reasonably be expected to be aware of the circumstances, we will to the extent practicable in our opinion, give you prompt notice of that Event with reasonable particulars of it and, insofar as known, the probable extent to which we will be unable to perform or be delayed in performing the relevant obligation(s).

20.2 For the purposes of these terms, an Event beyond our reasonable control includes:

20.2.1 nationalisation, expropriation, prohibition, intervention, direction or embargo;

20.2.2 imposition by any governmental or quasi-governmental authority of currency restrictions, exchange controls or other charges or restraints affecting your pension plan or the investments and assets allocated to it;

20.2.3 inability or delay in obtaining governmental or quasi-governmental approvals, consents, permits, licences, authorities or allocations;

20.2.4 acts of war (declared or undeclared), terrorism, insurrection, revolution, civil disturbance, riot, blockade or other disturbance;

20.2.5 strikes, lockouts, other industrial action or other interferences with work;

20.2.6 failure or disruption of any relevant stock exchange, including depositories, settlement systems or markets;

20.2.7 widespread failure or disruption of computer systems, including electronic mail systems; and

20.2.8 earthquake, storms, floods, lightning, fire, explosions or similar natural events.

21. Termination and Variation

21.1 These SIPP Terms, as varied from time to time, will continue until your membership of the Scheme ceases and if applicable, death benefits have been paid out.

21.2 We may amend any of the provisions of these SIPP Terms.

21.3 Where an amendment to these SIPP Terms is made, we will give you at least 30 days’ notice, except where either of the following applies:

21.3.1 Where changes in applicable laws or the rules of the relevant regulatory bodies or authority are required to take effect earlier than that date, in which case we will issue the notice of variation as soon as reasonably practicable; or

21.3.2 Where we consider it to be to your benefit to implement the amendment to these SIPP Terms immediately.

22. Complaints and compensation

22.1 If you have a complaint about your Freetrade SIPP or the services provided, you should send it via either the Freetrade mobile app, email to complaints@freetrade.io or in a letter to Freetrade at the address shown on the last page of this document.

22.2 The complaint will be dealt with in line with our complaints procedure, a copy of which is available on request. If the matter is not dealt with to your satisfaction, you can refer your complaint, free of charge, to:

The Pensions Ombudsman10 South Colonnade, Canary Wharf, E14 4PUTelephone number: 0800 917 4487www.pensions-ombudsman.org.uk

The Pensions Ombudsman provides an Early Resolution Service, which may help resolve any complaint promptly. Please see: https://www.pensions-ombudsman.org.uk/sites/default/files/publication/files/ERS%20factsheet.pdf

Or alternatively to:

The Financial Ombudsman ServiceExchange Tower, London, E14 9SRTelephone number: 0800 023 4567www.financial-ombudsman.org.uk

Making a complaint will not prejudice your right to take legal proceedings.

22.3 We contribute to and are covered by the Financial Services Compensation Scheme (FSCS). The FSCS is there to provide compensation to individuals if an FCA regulated firm they are engaged with is unable to meet claims made against it. There are limits that apply to the amount of compensation you can receive. Full details about the compensation scheme can be found on their website www.fscs.org.uk

22.4 Some, but not necessarily all, investments held by your Pension Plan may also be similarly covered by compensation schemes. It is your responsibility to establish where this is and is not the case.

23. Governing Law

23.1 These SIPP Terms will be governed by and constructed in accordance with English Law.

24. Contacting the Freetrade SIPP

The Scheme Administrator and the Operator of the Freetrade SIPP is Platform One Limited.

The Trustee of the Freetrade SIPP is Gaudi Trustees Limited.

The contact details for Freetrade are: Freetrade LTD, Level 2, The Truman Brewery, 91 Brick Lane, London E1 6QL.

Email: contact@freetrade.io. Chat function via the Freetrade mobile app or the Freetrade website.There is currently no dedicated phone helpline.

Freetrade is a trading name of Freetrade Limited, which is a member firm of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 783189). Registered in England and Wales (Company Number: 09797821) at Freetrade LTD, Level 2, The Truman Brewery, 91 Brick Lane, London E1 6QL.

“Platform One” refers to Platform One Limited (Company Number: 06993268). Gaudi Trustees Limited (Company Number: 07898388) is part of the Platform One Group. Each Company being registered in England and Wales at Peartree Business Centre, Cobham Road, Wimborne, Dorset, BH21 7PT.

Platform One Limited authorised and regulated by the Financial Conduct Authority. (Firm Reference Number: 542059).

You can check out these details on the Companies House website at www.gov.uk/government/organisations/companies-house and the FCA’s website at www.fca.org.uk/register.

Open a Freetrade SIPP on our Plus plan

Choose how you'd like to pay:

Annually

Save 17%

Monthly

Annually

Save 17%

Monthly

£0.00/mo

Accounts

GIA pink
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 6,100+ 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

Download the app to start investing now



When you invest your capital is at risk.