MEGATHREAD: Freetrade SIPP

Should be £7/month, just like any other plus member

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I assumed £7 a month. Would be a nice surprise if it is free, but they do have to make money somehow.

Im all for them making money!

I lose track of what Alpha or Plus mean

Sam, as SIPP accounts contain lockup tax-free money (gross income + dividends + capital gains/losses) we cannot touch for years (until retirement), it would make more sense for monthly charges to be debited from inside the SIPP just as Interactive Investors do instead of debiting charges from accounts outside the SIPP. Are you planning this option?

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Anyone knows what’s the current wait time is from the sign-up to invitation?
Need to open SIPP this tax year and not sure if I get it on time.

I agree

I also agree that charging from within the SIPP makes most sense, though I am not sure how this would work in practice.

Perhaps FT could offer users the option to set the preferred payment method for SIPPs (& ISAs ideally) to be taken from uninvested cash, falling back to the debit card on insufficient funds?

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Got my illustration number through today.

Number 41,XXX.

Not sure if each illustration number is a customer, but if so then 41,000 is unreal, and I got my invite to transfer early last week, so will be much higher now

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Where did you find this out?

I had a notification and was able to download a document within the app.

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OK :+1: I woke up to a notification today but haven’t seen anything in app

Will take another look

Have a look in the ‘activity’ section. It wasn’t obvious until I started looking for it

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Ah yes brill, thanks for that

What is an illustration number?

I got a notification about the illustration but when I go to the activity feed nothing is there. Potential bug? (Android)

The illustration is to give you an idea of how your pension may look when you withdraw it, based on the value you’ve got in there. I’m assuming the illustration number is essentially your ‘account’ number.

Make sure you are in your Sipp account…

Doh! Thanks.

Isn’t that just telling you how much your pension will be worth…?

On the illustration they give you scenarios on how much it will be worth if it grows by x%.

The illustration number is at the top of the letter, along with your date of birth.