Iāve opened mine. limited to cash transfers atm, in-specie to follow.
If you are doing a transfer from another SIPP then is it possible to do a partial transfer? Or is this down the source SIPP provider as to if they will / will not support?
Partial transfers are possible I believe
Just got my email - started the process today!
1 Like
Partial SIPP transfers work.
Some make it sound harder, i.e. Aviva tried to block partial transfers cause I run out of mythical segments (not mentioned in T&Cās), after complaining that everyone else can do partial transfers by Ā£ value they did bulge and transfers go through smoothly now.
Usually it works very smoothly. Did a few transfers myself. And my sister did too.
1 Like
Got a SIPP transfer link yesterday from Freetradeā¦ I love it!
5 Likes
Can anybody from freetrade answer this? iām on the āpriority listā and have been waiting since last Monday for my email. Will i get it this week?
Originally i was told it was any day last week, then was informed it may take a couple of days beyond that. Itās coming up to the end of the working week, are the āpriorityā people who signed up before december 6th getting theirs still before everyone else?
1 Like
I think there still processing them? I only got it the other day.
On that noteā¦ damn. My previous provider has already received the request and is just about to start processing it (presumably from tomorrow)
1 Like
Same here.
Got my sipp invite link Tuesday.
Filled it in same day for the transfer.
Contacted by freetrade team to confirm some details to commence the transfer
Received notification from my current provider yesterday (Wednesday) that they had been contacted and things were underway.
Great work
6 Likes
Apologies for your wait, we have a big waitlist to go through and once a customer gets access we want them to have a seamless, and speedy transfer if thatās how they are intending to fund their SIPP.
We are aiming to provide all of our waitlist customers who signed up before the 6th December access before the end of this week.
9 Likes
That sounds amazing Glenn, appreciate your reply 
Got my confirmation email!! But my link opens the freetrade app with no sipp account attached. 
Rob from freetrade is looking into it
1 Like
Do you have the latest version of the app?
I had thatā¦ did you put a different email on the waitlist to your account?
1 Like
Got it!!! transfer going through now
8 Likes
I just signed up for the SIPP, thank you for offering this product. First impressions:
- This is going to save me a bit of money in fees from HL, I like the flat fee rather than percentage + cap as HL does it which is pretty confusing.
- Fee description could be clearer for Plus customers, it should just say Ā£7 a month, also could be clearer how the fee is paid (monthly from your bank account I assume?)
- Opening went smoothly, with just a few questions about me as expected
- Iām hoping to do a partial transfer, has anyone had any experience with those? Planning to ask support next week
- I donāt really care about in specie transfers and donāt think being out of the market for a few days during a transfer is a huge deal personally, I plan to sell holdings prior to the transfer myself
- If Freetrade offered company contributions, Iād be willing to do a full transfer, but at present my plan is to do a cash transfer to keep HL fees down and keep company contributions going to HL.
- The payment process was the only bit which felt odd, why would I want to make instant contributions to a SIPP?
I couldnāt find the reference for the SIPP, where is it in the UI? As it is Iāve made one āinstantā payment (still not in my account), and then managed to extract the new ref from that and set up a standing order with that reference, so I hope that works, but it doesnāt feel optimal. Iād rather see Apple Pay options with the confusing limits on them just go away and other payment options improved instead. Instant contributions donāt feel appropriate or useful for a SIPP.
The ideal process IMO would be:
- Prompt to connect to bank and set up a regular contribution
- Allow adjusting that regular contribution (both amount and what it is invested in) within Freetrade
- Clearly distinguish between company and normal contributions and provide both
- Provide bank details and ref for both options, and then donāt claim for tax on company contributions
Note sure if there are reporting issues to allowing company contributions, but if not hopefully it is pretty simple (adding another ref, not claiming tax) and Freetrade can get to it soon.
Generally things went smoothly, and Iām really pleased this product has arrived. Some little things Iād like to see improved:
- Company contributions (with a different ref would be fine)
- Simpler regular contributions (even if not auto-invested)
- Some sort of auto-invest feature which auto-invests contributions and steers people towards something like VWRL or some mix of bonds/stocks Freetrade thinks is right (normally this would be some bonds, but bonds are not looking attractive right now).
Freetrade canāt give explicit advice on what to auto-invest in of course, but defaults matter - if the default choices are some relatively safe index funds with low fees, people will go for that, if the default is to pick your own stocks people will make riskier choices. So the design and defaults of the auto-invest feature really matter IMO.
17 Likes
If I sign up/add myself to the waitlist today, I will not receive a free share?
It looks like I missed a cutoff point on 06/12/2020 but wasnāt 100% sure.
I would move an existing pension from ex-employer + contribute the full allowance for 2020/21.
If I sign up/add myself to the waitlist today, I will not receive a free share?
Correct
1 Like
I donāt use Freetrade SIPP. My employer pension is with Aviva. I do partial transfers to go from Aviva to Vanguard SIPP. Precisely to keep contributions from employer with matching.
Vanguard SIPP does allow employer contributions too. I guess I should ask if they would be willing to contribute directly to Vanguard or not.
Most arenāt unfortunately. But as you say it doesnt stop you doing partial transfers