Hi @vvsvin , Thanks for the heads-up! Regardless of any competitor, we are working internally to finalise the product, doting the i’s and crossing the t’s as best as we can. We aim to release the feature as soon as possible.
Great news @PaulGichemi !!! I hope it’s soon!!
This is interesting to see…I have my Cash ISA with 212, if the SIPP (+Transfer-in capabilities) is introduced then may be worthwhile moving my S&S ISA and AJB SIPP over (depending on cost)
According to a recent Trading212 post on their community forum, there Sipp will be free:
“That’s right — our SIPPs will be free, and there will be no account fees other than the 0.15% FX fee that applies when trading”.
They just need to get a move on!!
Yes, I am keeping an eye on this.
I am in the situation that I want to transfer-in a lot of money from my other SIPPs and take occasional lump sums from my SIPP.
To be fair, Trading212 have mentioned that transfers-in will not be initially available, but they are still not available on IE either.
Similarly I am not expecting that Trading212 will initially be able to cope with withdrawals, but then in spite of several emails to IE support I have not received any real assurance that IE are able to properly do SIPP withdrawals.
So at the moment, to me, my SIPP account is of little use. Therefore, I will have to wait until later this year to see which provider provides the service that I need.
Certainly not having to pay £200 annual fee (with Trading212) would be attractive and so I am preparing plans depending on which provider actually provides the right service.
Freetrade Just announced 1% cashback on pension transfers into their SIPP, so I think that’s my decision made for me!
I do often wonder if there is a sweep within IE Headquarters around which forum mod gets to post the news that transfer-ins are live! Could be post of the year!
I can’t see that offer on the freetrade website (yet). They also charge £120/year just to hold an ISA and SIPP. They do at least offer UFPLS withdrawals and I’m going to need to start withdrawing soon, so I’ll let the dust settle and see what’s available when the time comes.
It’s halfway down the SIPP page…https://freetrade.io/pension/sipp#how-to-open-a-sipp
Something to keep in mind when choosing Freetrade:
Each UFPLS withdrawal from your Freetrade SIPP will cost £240.
I’m sticking with AJB.
How many pension lump sums am I going to take? None for at least 25 years.
Andy mentioned he has to start withdrawing soon so it worth letting people know the withdrawal fees are ridiculous.
Another point to note (one that I have just found out), InvestEngine require you to maintain a cash buffer that is equivalent to 1 years worth of SIPP fees, ie you cannot invest 0.15% of your SIPPS value!
And you do not earn any form of interest on that 0.15%.
Yeah, I stopped using their managed portfolio for any significant portion of my ISA because they keep a 2% cash buffer on even the highest-risk portfolio. Wild decision.
My guess at this point is that the earliest IE is targeting transfers will be 9 September for pension awareness day again, but even if they manage that it’s probably too little, too late.
Quick update for those interested: two of my three pots have transferred to Freetrade within a week. Still waiting on the third, but I suspect that’s due to quirks of the transferring scheme (it’s DC, but employer trustee-managed and for some reason they need to sign off on transfers in and out, taking their sweet time to do so).
EDIT: the third was transferred by the following day. Great result.
SIPP transfer update!
We appreciate you’ve been patiently waiting for an update on our SIPP transfers, and thanks for bearing with us! When we released our SIPP, our aim was to allow our community to transfer into the account as soon as possible.
So, why are SIPP transfers not yet available on the platform?
Put simply, we’ve run into a few hurdles in their implementation and we want to ensure the service is smooth and effective before we launch. Many of these challenges have been unforeseen and out of our control, but we’re working through them one by one to create a system that works.
So, in the interest of transparency, there is no specific date we can give for our SIPP transfers to be live, but rest assured it’s our priority. We want to thank you for your patience and to ensure that you’ll be the first people to know when we do go live with our transfer system.