A self-invested personal pension, or a “SIPP”, is a type of investment product that helps you build your savings for retirement. Notably, a SIPP gives you much more flexibility with the investments you can select when compared to typical personal pensions.
Once you invest money into a SIPP it will be locked up until you turn 55. You can then start drawing funds, even if you haven’t stopped working. You can withdraw up to 25% of your fund as a tax-free lump sum with the remainder used to provide an income.
You can invest in a wide range of listed shares, ETFs and investment trusts with your Freetrade SIPP. We’ve got a full list of the investments available on our platform that we update regularly.
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.
We are not allowing this to start with, but hope to in the future.
