Sip transfer fee and timeframe

Freetrade Chat 🔥
1

I want to transfer a pension to FT SIPP but two things concern me:

  1. I have to sign up with my debit card before the transfer takes place on the app. Does this mean I am being charged the 9.99 monthly fee while I wait for the transfer?

  2. How long will the transfer take? I signed up to FT 3 or 4 years ago and had to cancel a SIPP transfer then which took forever to get going. I still see complaints now about how long FT takes to transfer pensions.

Thanks

2

I have had shares and cash transferred from an isa within a week over the last few months. Pensions may be a bit slower but I can’t fault Freetrade in my experience.

3

Not sure about fee as I guess technically you need to be on plus to open SIPP…which gives you other benefits besides. maybe they can waive the fee till transfer is done? long shot.

I had a pension transferred over from Nest which was about two months to completion. Delays due to Nest being slow to process verification checks. FT were pretty good at keeping me updated during the process.

4

I’ve not transferred anything for 12 months, but I’ve had 3 transfers in the past, 2 from Aviva and 1 from Scottish Widows, as mentioned it will vary by provider amongst other factors.

For me;
Aviva transfers were around a week
Scottish Widows transfer around 2 weeks from memory

I opted for the sell everything and transfer cash, so I’d invest it when it hit the SIPP, which I guess would have helped transfer wise