The Pensions cashback and incentives discussion thread

michaels

Ciprico said:

Anyone know if transfering a sipp already  in drawdown would qualify. (I'm currently with HL) ?

FreeTrade don't support crystallised funds and have high charges for ufpls drawdown - basically they are not interested in drawdown accounts.

easysaver

Freetrade 1% cashback offer
Looking to transfer in specie when their SIPP goes fee free in a few days time. They have all of my ETFs in their fund universe but then I read this:

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.

I went with ETFs originally for lower fees but to transfer out I'd need to sell and buy UK domiciled fund equivalents, then most likely do the reverse when on a platform with lower costs for ETFs.

Edit: my ETFs are IRE domicilied but GBP denominated. I assume they are not "UK or US securities" but perhaps they are? I guess the same applies to LUX domicilied but GBP denominated ETFs

Edit 2: Freetrade AI Agent "Irish domiciled ETFs would be considered non-UK securities, regardless of being denominated in GBP. The domicile determines the classification, not the currency. This means your Irish domiciled ETFs couldn't be transferred out in specie and would need to be sold first, with the proceeds transferred as cash. You'd be out of the market during the transfer period."
I'm in a bit of shock that the AI Agent answered my question first time and comprehensively

artyboy

My concerns about concentration risk just went up a notch!

How the hell can they accept transfers in in-specie, but not back out again.

The 12 month eggtimer will be set the moment my last transfer completes.

granta

Freetrade

I did an an in specie transfer OUT of Freetrade of VEVE earlier this year which I think is Ireland domiciled which is in conflict with the information provided by the AI agent. Or there's been a recent change?

easysaver

granta said:

Freetrade

I did an an in specie transfer OUT of Freetrade of VEVE earlier this year which I think is Ireland domiciled which is in conflict with the information provided by the AI agent. Or there's been a recent change?

Good to hear because VEVE is also IRE domiciled. I've got a fair chunk in VHVG the acc equivalent of VEVE.

easysaver

easysaver said:

granta said:

Freetrade

I did an an in specie transfer OUT of Freetrade of VEVE earlier this year which I think is Ireland domiciled which is in conflict with the information provided by the AI agent. Or there's been a recent change?

Good to hear because VEVE is also IRE domiciled. I've got a fair chunk in VHVG the acc equivalent of VEVE.

Freetrade
I assume the in specie transfer OUT of VEVE was allowed because it's listed on the LSE.

VEVE - Van Dev World Dist. [https://www.londonstockexchange.com/stock/VEVE/vanguard/company-page]
VFEM - Van EM Dist. [https://www.londonstockexchange.com/stock/VFEM/vanguard/company-page]
VHVG - Van Dev World Acc. [https://www.londonstockexchange.com/stock/Vhvg/vanguard/company-page]
VFEG - Van EM Acc. [https://www.londonstockexchange.com/stock/VFEG/vanguard/company-page]

The only difference between VEVE/VFEM and VHVG/VFEG is the market segment (EUET vs. EUE2). Hope that doesn't prevent in specie transfer out of VHVG/VFEG.

All are listed on the Freetrade Investment Universe:
https://docs.google.com/spreadsheets/d/e/2PACX-1vTGZT9-lSDDlgQzHsH0vYdTSz-xnL7zIJQ1SHUddo-BBD5_QlN--57cRe_8Zvw-7QsMrw6X1phz-vKq/pubhtml?$web_only=true&_branch_match_id=1431651572961706399&utm_source=isa-page&utm_campaign=isa-page-why-isa-full-stock-list-learn-more-button&utm_medium=Website&_branch_referrer=H4sIAAAAAAAAAxXIQQ7CMAwEwBe5uSMhDjwEJbBporpxtHZVceHtwHGmRUy/pFQJBPMLcqIsec5F+9gSUvcsM6+/b2/5ox6q4mHPTbR7iCJzyG6ElCPCxu1DVJB9rI9COx283httxxfYoEO9bQAAAA==

granta

easysaver said:

easysaver said:

granta said:

Freetrade

I did an an in specie transfer OUT of Freetrade of VEVE earlier this year which I think is Ireland domiciled which is in conflict with the information provided by the AI agent. Or there's been a recent change?

Good to hear because VEVE is also IRE domiciled. I've got a fair chunk in VHVG the acc equivalent of VEVE.

Freetrade
I assume the in specie transfer OUT of VEVE was allowed because it's listed on the LSE.

VEVE - Van Dev World Dist. [https://www.londonstockexchange.com/stock/VEVE/vanguard/company-page]
VFEM - Van EM Dist. [https://www.londonstockexchange.com/stock/VFEM/vanguard/company-page]
VHVG - Van Dev World Acc. [https://www.londonstockexchange.com/stock/Vhvg/vanguard/company-page]
VFEG - Van EM Acc. [https://www.londonstockexchange.com/stock/VFEG/vanguard/company-page]

The only difference between VEVE/VFEM and VHVG/VFEG is the market segment (EUET vs. EUE2). Hope that doesn't prevent in specie transfer out of VHVG/VFEG.

All are listed on the Freetrade Investment Universe:
https://docs.google.com/spreadsheets/d/e/2PACX-1vTGZT9-lSDDlgQzHsH0vYdTSz-xnL7zIJQ1SHUddo-BBD5_QlN--57cRe_8Zvw-7QsMrw6X1phz-vKq/pubhtml?$web_only=true&_branch_match_id=1431651572961706399&utm_source=isa-page&utm_campaign=isa-page-why-isa-full-stock-list-learn-more-button&utm_medium=Website&_branch_referrer=H4sIAAAAAAAAAxXIQQ7CMAwEwBe5uSMhDjwEJbBporpxtHZVceHtwHGmRUy/pFQJBPMLcqIsec5F+9gSUvcsM6+/b2/5ox6q4mHPTbR7iCJzyG6ElCPCxu1DVJB9rI9COx283httxxfYoEO9bQAAAA==

Yes, that would make sense. To be honest, I had not seen that clause until you pointed it out and just assumed in specie transfers were all possible. But I too will need to check other holdings now in case it affects future transfers out.

artyboy

Right, well then the listing location would make a lot more sense. Shame that AI went and muddied the waters by bringing domicile into it...

ex-pat_scot

Ciprico said:

Anyone know if transfering a sipp already  in drawdown would qualify. (I'm currently with HL) ?

HL do not allow transfer if already in drawdown. Fidelity do (I've just been through their manual application process, as the online form is only for uncrystallised SIPPs)

easysaver

Freetrade SIPP
The SIPP has been added to the basic account as of today. It's administered by Gaudi / Platform One like the now defunct X-O SIPP.
I opened a SIPP and initiated a transfer in from II only to be asked to print and sign a form because "your current provider doesn't use an electronic transfer platform for this type of pension plan." I was a bit surprised given I thought II were a fairly big player.