Moving GIA shares to SIPP

Hi all, new here.

I have shares in my Freetrade GIA account and want to move them to a Freetrade SIPP which I am about to open. I think I read that I cannot do this directly. Do I have to cash them out and withdraw the funds to my bank and then put the money back in (probably buying the same shares) to the SIPP?

I am 55 next month so not worried about no access to the monies.

TIA

I would imagine this works the same as moving shares from a GIA to an ISA, as both have tax incentives. In that case, you can’t move them directly and the shares need to be sold and purchased again.

There are two options for this. You can withdraw the funds yourself, or ask :freetrade: staff to transfer the funds between the accounts for you. It’s a manual process and I believe it takes several days. Now that we have instant deposits, it’s probably quicker for you to sell, withdraw and deposit again. You of course need to wait for the settlement period so that the funds are available to withdraw. Withdrawals can take 3 to 5 working days, but this partly depends on your bank. With Monzo, for instance, payments can be claimed before they’re due to reach my account.

Hi Beermoneytrader,

Many thanks for your help, just as I thought it would be, I will do that this week.

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