MEGATHREAD: Freetrade SIPP

I must have put my details down previously so that must be why I haven’t got anything.

Hey I have a quick question that I’ve seen others ask before around fees.

Is there a document explaining all SIPP based fees, costs, options and limitations?

E.g. can you confirm any rules or costs around drawdown, transfers, sump sum, annuity (which I presume you don’t or won’t offer at this time), or other pension related charges?

The offering is interesting but I’ve no idea what I actually get with Freetrades SIPP product

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I didn’t get one either, but I think I had registered before… @Freetrade_Team can you confirm please?

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Never got mine either

Sams going to get alot of people asking him to confirm if we’ve signed up before now so that people don’t miss out on the promotion :smirk:

I signed up previously and got the email half an hour ago

Will freetrade be using Origo Options to sort out transfers? That’s what my provider has said lol.

Not a stupid question at all!

If you transfer pension(s) worth Ā£11k, then you’ll get a free share worth at least Ā£90, what you would get today is either Apple, Nike, or Disney. These are the sort of free shares you’d get. Their value might obviously change until launch time, so we might pick a different one for you.

We wouldn’t give Amazon, unless you transfer Ā£250,000+.

Hope that makes sense, ask away. :+1: And thanks for being interested in the Freetrade SIPP. :pray:

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@SpyrosL @Wulfy @Cameron @yomz10 Can you DM Sam and I your email address?

We’re keen to get to the bottom of this.

I can confirm we are seeing a very big surge, so it might be that are email system is struggling with the demand and it will take time for it to send out your confirmation email.

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This may depend on your age.
If under 55, you really don’t want to be treating a SIPP like a bank account and so, having a fast and efficient withdrawals feature won’t matter.

If you are under 55, HMRC will tax any funds withdrawn at a lovely 55%

Hi @Wulfy, we’ll support cash transfers from launch, including paper-based transfer forms for providers who don’t currently support electronic transfers, as well as supporting speedier electronic transfers such as the Origo transfer service.

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This is fantastic

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Hi @SpyrosL,

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.
ā€
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 - (Open SIPP - Self-invested personal pension account | Freetrade)

Regarding retirement options, we are planning on working on retirement options such as annuity/drawdown next year but from launch, these will not be available immediately. We’ll provide full details on everything ā€˜Freetrade SIPP’ in the near future.

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Can I ask about the range of ETFs that will be offered in the SIPP - will it mirror those offered in the GIA or will it be more limited? Additionally, will stocks and ETFs that are only available to Freetrade Plus users be available to all in the SIPP, or continue to just be for Plus users? Thanks.

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So if my existing pension provider is dragging their heels and it takes longer than 30 days to complete transfer then no free share?

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That is really great news. Hopefully the waitlist converts with a high percentage.

I presume the notifications have gone out to existing customers for now, but curious if there is any active external marketing specifically for this SIPP waitlist already or to come shortly?

Hoping the big surge on the SIPP waitlist also contributes to some additional user growth, although I know it will naturally over time.

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On the faq’s I think it will be based on those transfers that were started during the first 30 days and the corresponding share will be issued when those transfers have completed. Could be wrong though. There are a few questions answered on the link by the looks of things. Some great questions of things I hadn’t even thought of here :blush:

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Doesn’t affect me at the moment but I’ll keep an eye out. Vanguard also don’t offer drawdown options yet either but I don’t believe they plan on charging for it. And HL seem to have stopped charging for it as well.

Are in specie transfers supported?

To come shortly.

Also, great avatar. :freetrade:

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Thought you might like it - #throwbackthursday! Pretty proud of it and how far we’ve come!

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