Transfer your
existing pensions
in three easy steps
Give your pension a new home at Freetrade. With a low fixed monthly fee, your pension plan can grow without your fees growing too.
Capital at risk. SIPP eligibility and tax rules apply.
1
Download the Freetrade app
2
Open a Freetrade self-invested personal pension (SIPP)
3
Complete the short transfer form here
Important information: When you invest, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatment depends on your personal circumstances and current rules may change. US dividends received into your SIPP may be subject to US withholding tax.
What to consider when transferring an existing pension
How much do you know about your existing pension plans? Do you know the current value of your pension plan(s) or what they are invested in? Do you know how many pension plans you have amassed through your working life?
If you want to be in control of your retirement fund, transferring to a SIPP might be the right choice for you.
Pension transfer cashback offer
Transfer at least £10,000 to qualify. Cashback capped at £2,000. Annual subscription required. Terms apply.
Offer ends 31 December 2024.
Before you transfer: Check before you transfer a pension to us that we can accept your investments, you won’t lose any guarantees, and that you know what charges you may incur. Seek advice if you are unsure about making a transfer. Always do your own research.
Pensions that are transferred to the Freetrade SIPP may lose the protected pension age benefit, if applicable to you, meaning that you will need to wait longer until you can draw monies from your Freetrade SIPP. Please ensure you know what this means for you and the effect it may have on you and your savings.
Freetrade won't charge you to transfer your pension to us, but please check with your existing provider what fees or restrictions may apply from them. We cannot provide you with any advice therefore it is your responsibility to ensure you are happy that transferring to the Freetrade Pension is right for you.
If you're unsure if transferring your pension to Freetrade is right, you should take advice from a suitably qualified financial adviser. For more info, see our SIPP Key Features Document, Terms and Conditions, Charges Schedule and SIPP Declarations.
Reasons to transfer
Choose where to invest your money
Invest in thousands of companies listed on various global exchanges.
Choose from a wide range of exchange-traded funds covering index funds, stock and bond ETFs.
Choose from over 150 investment trusts to diversify your portfolio.
Withdrawing money from your Freetrade pension
Cash that you put in your pension is intended for retirement. You will not be able to access money that you invest in your Freetrade pension until you’re 55 (rising to 57 in 2028), except in special circumstances, such as serious illness.
At present, Freetrade only offers a form of withdrawal called an “uncrystallised funds pension lump sum”. This is a payment taken from a pension, out of which you have not previously taken funds through another method, like a drawdown fund. This kind of withdrawal can impact the amount that you’re able to save into your pension in the future.
If you’re considering withdrawing money from your pension in the next few years, it’s important that you speak to a suitably qualified financial adviser to understand your options.
Further considerations
Combining all your pension plans will give you better visibility on how your retirement plan is shaping up and should help to cut down costs in the long term.
Focusing on growing your pension is great; however, before making any changes to your current plan, you should make sure that transferring it is the right thing to do, with the help of a financial adviser, if required.
Pension transfer FAQs
You can transfer the below types of pension to a Freetrade SIPP:
Self Invested Personal Pension (SIPP)
- Individual Personal Pension
- Stakeholder Pension Plan
- Contract-Based Workplace Pension Plan*
- Trust-Based Workplace Pension Plan*
*Subject to current plan rules. Some workplace pension plans cannot be transferred whilst still active.
You can transfer any stocks that are available on our stock list and can be held in a Freetrade SIPP. If there’s an exception and a stock cannot be transferred, we will always contact you to discuss your options.
To start your pension transfer, we will need your personal details, including your National Insurance Number, as well as details of the pension you wish to transfer:
- Pension provider’s name
- Pension provider’s address - many providers have multiple addresses, so we need to capture the right one.
- Pension plan reference
- Full or partial transfer
- Amount to be transferred in cash
- When transferring investments, then a full list of investments
If you've forgotten any pension details, find out how to find lost pensions and consolidate them.
Transfer times can vary depending on your current provider, and there is no need to contact us during this time, we will contact you as soon as we have any news. We will handle your transfer and work hard to get it completed as quickly as possible.
There will be no fees from us for doing so, although your current provider may charge you exit fees. If the transfer is in the form of cash you should consider any additional dealing charges for selling the investments in your portfolio. Alternatively, if investments are to be transferred your provider may charge you extra, often for each investment being transferred.
If you decide to leave Freetrade, you can transfer out UK or US securities as cash or stock. To transfer any non-UK or non-US securities away from Freetrade, you will have to sell them first and transfer the amount as cash. When you transfer as cash you’ll be out of the market, so you may miss out on the ups and downs during your transfer.
Stocks can only be transferred as whole shares. If you wish to transfer a fraction of a share, you will have to sell it first and transfer the amount as cash. There is no fee to transfer out UK securities or cash. Transferring out US securities will incur a cost of £17 per holding. We charge this amount to cover the fee our service provider charges us.
Your new provider may not be able to accept transfers of all securities you hold with Freetrade. It’s worth checking if they can support your stocks before you start your transfer.
Your future broker can send an electronic transfer request to us at: transfers@freetrade.io.
We won’t charge you to transfer your Freetrade SIPP to a different provider, but if the transfer is in the form of cash you should consider any additional dealing charges for selling the investments in your portfolio.
There is no minimum transfer required when you move your pension to Freetrade.
You’ll normally be able to transfer your SIPP from a different provider into a Freetrade SIPP (subject to our terms and conditions). There will be no fees from us for doing so, although your provider may charge you exit fees, as well as dealing charges for selling the assets in your portfolio or charge extra for transferring investments.
Important information
SIPP eligibility and tax rules apply. US dividends received into your SIPP may be subject to US withholding tax. Pensions that are transferred to the Freetrade SIPP may lose the protected pension age benefit. This means that you will not be able to draw the monies from the Freetrade SIPP until you are aged 57. Please ensure you know what this means for you and the effect it may have on you and your savings. Check before you transfer a pension to us that we can accept your investments, you won’t lose any valuable benefits or guarantees, and that you know what charges you may incur. Seek advice from a suitably qualified financial adviser if you are unsure about making a transfer.
A SIPP is a pension designed for you to save until your retirement and is for people who want to make their own investment decisions. You can normally only draw your pension from age 55 (57 from 2028), except in special circumstances.
At present, Freetrade only supports Uncrystallised Fund Pension Lump Sums (UFPLS) for customers who wish to withdraw funds from their SIPP after their 55th birthday. We strongly encourage you to seek financial advice before making any withdrawals from your SIPP.
