Can anyone give any updates on the Freetrade SIPP? Or just some info I can’t find. I’m desperate to combine a load of old pensions and seeing the FT one seemed a perfect timing for me so I was sold big time on it.
I then spent ages trying to find the section on the app the website says to go to to register and couldn’t find it thinking I was just being stupid. The site invites you as if it is running and hints it only takes a min then you get hit with a waiting list and no more information.
Any extra info/opinions I would greatly appreciate but the main thing I urgently need to know is roughly when it will be launched as if it won’t be for a long time I can consider sending to another service.
It just feels that for such a big new option there is very little information about when it is available, even rumours.
Thanking in advance for even the smallest bit of information regarding this!!
did you register yourself on the waitlist?
I did. In mid January received an email to open the SIPP. Started the process and is now complete.
As far as I can understand they are rolling out for those who applied for the waitlist first. The full rollout, without the need to apply for a waitlist should be soon. I’m unaware of a precise schedule.
If it was me I would apply for the waitlist and wait to get an email, rather than wait for the full rollout. That’s what I did anyway and it took me maybe a week or two, I don’t remember exactly.
Yes I signed up to the list instantly last week but still waiting to hear something.
My decision on going to the plus account was based on wether the SIPP is available now.
And thank you for your reply, ill sign up again now in case it got lost in internet post system.
Inspiring customer confidence isn’t their strongpoint unfortunately. Hopefully they’ll pay it some attention before it becomes their downfall.
I think it takes them some time to go through the waitlist because of the need for manual handling.
When I received the email I was asked a bunch of details. Then they have to verify those details. When the details are confirmed by you and them then they contact your other(s) service provider(s). There’s a lot of manual work involved and that takes time. And if they are getting sig ups by the thousands it’s impossible to go through the waitlist in a few days.
Relax. Your time will come.
May I offer a suggestion? Yes? Cool, thanks.
When you start the transfer process contact your previous provider after a week. Don’t wait 5 weeks to contact them as I did. Freetrade is the new kid in town and other providers need to update their systems to accommodate transfers to Freetrade.
As far as I can remember the details you’ll be asked are:
Name of the provider
Address of the provider
Your account number with them
The amount you want to transfer
Is it full or partial transfer
If you’ve made any withdrawals
That’s all I can recall
After these details are confirmed just sit and wait for a week. Then call your previous provider to confirm they have received the transfer request and are actually processing it. Be polite, kind and firm with the customer service representative. They are only human
You can find more on the details you need to provide here:
Yep I totally agree! Everything they do seems great but some really basic generic stuff might help a lot to keep people informed. I guess growing in size very quickly is challenging though. Its a shame as most of the complaints are customer service related and that should be an easy win.
Overall though I am really happy with the platform but just impatient:)
@Raul thanks very much for that info, very helpful!!!