Consolidating your pensions into one pot can make it easier to track your pension growth and manage your investments. Moving your pension to Freetrade is easy, and you won’t have to pay any setup or transfer in fees.
For your pension contributions, we'll claim the 25% 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.
For more info, see our SIPP Key Features Document, Terms and Conditions, Charges Schedule and SIPP Declarations.
Transparent fee structure for your tax-efficient SIPP pension; pay a flat fee of £9.99/month,
or £7/month if you are a Freetrade Plus member.
Disclaimer: Comparisons to other providers are based on our understanding of their published costs on their websites as at 08 January 2021, 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, Charges Schedule and SIPP Declarations.
Hargreaves Lansdown:
SIPP account charges 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.
FX fee reduces to 0.75% after £5,000 value of trades, 0.5% for the next £10,000 and to 0.25% for over £20,000 value of trades.
Interactive Investor:
We compared to the Investor Plan account for ease of comparison, where you get one free trade per month, then £7.99 per trade.
SIPP account charges £10/month, on top of the Investor Plan fee (£9.99/month).
FX fee reduces on a tiered scale, based on transaction value: £25,000 - £49,999 is 1.25%, £50,000 - £99,999.99 is 1%, £100,000 - £599,999 is 0.5%, and £600,000 - £999,999.99 is 0.25%.
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 1.00%, £10,001 - £20,000 is 0.75%, £20,001 - £30,000 is 0.50% and 0.25% for over £30,000.
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.
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.
We claim the 25% 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.
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).
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.
Currently, you will not be able to move cash from their ISA or GIA directly into a Freetrade SIPP.
6th December 2020, at 23:59.
Joining the waitlist is the first step in getting your free share. With joining, you register your interest, but you will only be charged the SIPP subscription fee once you actually open your account.
Yes, absolutely! If you have joined the SIPP waitlist before 18 November 2020, you will qualify to get your free share if you complete the rest of the steps as part of this promotion.
For tax reasons, we’re not able to place your free share into your SIPP.
You will forfeit your free share, or the amount equal to the value of the free share at the time of awarding. This amount will be repayable to Freetrade.
You’ll normally be able to transfer your pension from a different provider (subject to terms and conditions). There will be no fees from us for doing so, though your provider may charge you exit fees. It is up to you to ensure this is the right thing for you to do, with the help of a financial adviser, if required. Alternatively, you can choose to have a Freetrade SIPP as well as another pension plan.
We will award your free share in the next 30 days after you open and contribute to your SIPP account or all your pension transfers initiated within 30 days after Freetrade SIPP is open are complete.
The free share is yours for as long as you want it unless you transfer out or close your SIPP within a year of opening a Freetrade SIPP account, in which case the value of the share awarded will be required to be repaid. Terms apply
We will contact you to let you know that you have qualified to receive your free share as part of this promotion. Your free share will land in your General Investment Account (GIA).
The free share will be based on the value of your SIPP portfolio size 30 days after the Freetrade SIPP launch or once all pension transfers started within 30 days after the Freetrade SIPP launch have completed.
The minimum free share value you’ll receive will be based on your SIPP portfolio size. You can see example free shares in the table below.
SIPP Waitlist Promotion Terms and Conditions
1. This waitlist promotion of free shares is only offered on the understanding that you will only apply for a Freetrade SIPP, make contributions to it and request any transfers to be made from other pension plans on the basis that you believe, with the help of a financial adviser if required, that these are the right actions for you to take. This requires you to read and understand the Freetrade SIPP Key Features Document, Terms and Conditions, Charges Schedule and application declarations.
2. A free share will only be gifted to you if you join the waitlist by 23:59 on 6th December 2020, open a Freetrade SIPP, including adding your payment card details for the monthly SIPP subscription charge, and contribute to your SIPP account or initiate a pension transfer within 30 days of the Freetrade SIPP launch.
3. The free share gifted will be based on your SIPP portfolio size 30 days after the Freetrade SIPP is launched, or when all pension transfers that were initiated during the 30 day period after the Freetrade SIPP is launched are complete.
4. The exact reward free share will be awarded at Freetrade’s discretion, and it may not be an example free share featured in the above promotional table.
5. If you close your Freetrade SIPP or withdraw all of your funds within a year of opening a Freetrade SIPP account, you will forfeit your free share or the amount equal to the value of the free share at the time of awarding.
6. Employees and contractors of Freetrade are not eligible for this offer.
7. The offer is only available if you are eligible and accepted as a Freetrade customer. This applies to UK tax residents only, and unfortunately excludes US nationals or dual US nationals who reside in the UK. We reserve the right to refuse to onboard an applicant customer.
8. Neither receiving a share through this promotion nor any mentions of particular securities in our communications as part of this promotion represents a recommendation to buy, sell, or hold any particular security.
9. To be granted a free share as part of this promotion, you must complete your W-8BEN form.
10. Your free share will be awarded into your General Investment Account (GIA).
11. Receiving a free share may have tax implications. Freetrade does not take any responsibility for tax related to this stock award.
12. Freetrade retains full discretion to determine whether a customer has fulfilled all of the requirements to participate in this offer and can withdraw, remove or vary the free share offer at any time for any customer.
13. Freetrade does not provide investment advice and individual investors should make their own decisions or seek independent advice.
14. By entering your email, you agree to receive SIPP related updates from Freetrade.
Important information
SIPPs are a pension product designed for people who want to make their own investment decisions. You can normally only access the money from age 55 (potentially 57 from 2028). Current rules can change, and tax relief depends on your personal circumstances.
When you invest, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest.
Before transferring a pension you should ensure that this is the right thing for you todo and in particular you will not lose valuable guarantees or incur excessive transfer penalties. Pensions are usually transferred as cash so you will be out of the market for a period and therefore there is a risk you may lose out on investment gains duringthis period.
Freetrade does not currently offer drawdown products for our SIPP.
The fees displayed on this page do not include any fees which may be charged by product manufacturers (e.g. ETF management fees).
