You’ve changed jobs and lost track of your pensions. Consolidate them under one pot.
High costs and commissions are eating into the value of your pension pot.
You don’t have visibility on what your pension is invested in.
Your investment choices are limited and not aligned with your personal needs.
Important information: It is up to you to ensure that the Freetrade SIPP is the right product for you and that making any transfers to it would be in your best interests, with the help of a financial adviser, if required.
Combining all your pension pots will give you better visibility on how your retirement plan is shaping up and should help to cut down costs in the long term. Focusing on growing your pension is great; however, before making any changes to your current plan, you should make sure that transferring it is the right thing to do, with the help of a financial adviser, if required.
👉 Is your current provider going to charge you any exit-fees?
👉 Will any market value adjustment (MVA) apply on transfer from your existing provider?
👉 Will you lose any valuable benefits or guarantees?
👉 Consider how long the transfer might take and what impact this might have on your existing portfolio.
Can you transfer your existing pension plan investments without cashing them in. Your current provider may charge you for this but on the flip side there may be costs for cashing in and the risk of missing out on investment growth whilst disinvested.
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.
Full breakdown of SIPP charges
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.
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.
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%.
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.
You can transfer the below types of pensions to a Freetrade SIPP:
⬤ Self Invested Personal Pension (SIPP)
⬤ Individual Personal Pension (IPP)
⬤ Stakeholder Pension Plan (SHP)
⬤ 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 Pensions, Defined Benefit Pensions or any pensions that contain Safeguarded Benefits which includes Protected Tax Free Cash (PTFC), Protected Retirement Ages (PRA), Guaranteed Annuity Rates (GARs) or Guaranteed Minimum Pensions (GMP).
To start your pension transfer, we will need your personal details, including your National Insurance Number, as well as details of the pension you wish to transfer:
⬤ Pension provider’s name
⬤ Pension provider’s address - many providers have multiple addresses, so we need to capture the right one.
⬤ Pension plan reference
⬤ Type of pension to be transferred
⬤ Full or partial transfer
⬤ Amount to be transferred in cash
⬤ When transferring investments, then a full list of investments
Transfers usually take up to 8 weeks to complete, and there is no need to contact us during this time, we will contact you as soon as we have any news. We will handle your transfer and work hard to get it completed as quickly as possible.
There will be no fees from us for doing so, although your provider may charge you exit fees. If the transfer is in the form of cash you should consider any additional dealing charges for selling the investments in your portfolio. Alternatively, if investments are to be transferred your provider may charge you extra, often for each investment being transferred.
Yes, you can transfer your personal pension to a Freetrade SIPP.
If you decide to transfer your Freetrade SIPP to a different provider, you can do this free of charge.
There is no minimum transfer required when you move your pension to Freetrade.
You’ll normally be able to transfer your SIPP from a different provider (subject to terms and conditions). There will be no fees from us for doing so, although your provider may charge you exit fees, as well as dealing charges for selling the assets in your portfolio or charge extra for transferring investments.
Yes. Provided those shares are normally available via Freetrade then you can request your existing pension provider to transfer the shares directly to your Freetrade SIPP. They may charge you extra for each share you wish to transfer. However, there may also be costs for selling your shares in order to make a cash transfer.
Keep in mind that a cash transfer from another pension scheme will mean your pension fund may miss out on investment growth for the time it takes from disinvestment under the transferring scheme to investment under this pension plan.
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 to do and in particular, you will not lose valuable guarantees or incur excessive transfer penalties. If your pension is transferred as cash you will be out of the market for a period and therefore there is a risk you may lose out on investment gains during this 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).