Don’t get me wrong, I’m all about index tracking for my own personal pension. I’m saying it’s good that FT are developing a SIPP and although it’s expensive when compared to vanguard (initially) it’s still cheaper than the brokers that they’re looking to compete against. Judging by responses on this forum it looks like FT SIPPs will be well received
Agree, although there isn’t much difference with ii in terms of product cost, trading & forex fees in ii kills me, even though all I buy is an occasional USD dominated ET - that alone is a good reason to switch to FT.
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I’ll be starting from effectively zero with the Freetrade SIPP (I also have a company pension that I’ve maxed the employer contribution on).
One way I’m thinking of it is considering the 20% tax relief as paying for it - if I add as little as £40 per month, the 20% will equal the £10 fee and I intend to put in more than that!
I’m sure for the first few years I could be investing cheaper elsewhere, but the simple flat fee means I won’t have to make a cost calculation if I decide to rebalance my portfolio, or have to sit on uninvested cash until I can make a limited number of transactions.
Convenience comes at a cost, but so does my time so overall I think it’ll be worth it.
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I think there’s a massive market out there for people with old company pensions who can then consolidate those in one place (like pensionbee).
For me, moving two old pensions over to Freetrade is a no brainer as I’ll instantly be saving on fees when you take into account no trading fees.
The cross sale opportunity here is massive.
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I have the same issue, but had you not considered moving some of your work pension into a SIPP (leaving some money still within your work pension).
This way your employers contribution can continue. However, check when moving monies into a SIPP in case they charge any administration costs in transferring?
Will freetrade be adding trusts for SIPPs?
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