Freetrade SIPP transfer

Johnny_Doe

Hi all,

Freetrade are offering 1% cashback on pension transfers (up to £2000). My question is do money market fund (SONIA trackers) transfers count as cash or pension? If its treated as cash then I lose the cashback but i suspect MMF's are actual investments (albeit it with far lower risk)?

Also, Is Freetrade a reputable platform? I see its FSCS TO £85k and any funds are protected in case they go into administration?

Many Thanks

DRS1

They are talking about transferring a SIPP.  Is the money market fund held in a SIPP?

No idea about Freetrade.

incus432

Dont understand your question about MMF being cash or pension. Is it in a SIPP?

As to Freetrade you should have a read of this thread first

https://forums.moneysavingexpert.com/discussion/6573119/transfer-out-to-freetrade-sipp-de-registration-risk/p1

Would be a red flag to me

Johnny_Doe

Yes MMF is currently held in a vanguard SIPP.

I would also be looking to transfer again after 12 mths to either ii or investengine..

dunstonh

Freetrade are offering 1% cashback on pension transfers (up to £2000). My question is do money market fund (SONIA trackers) transfers count as cash or pension?

money market funds are funds.  Not tax wrappers.  The deal is on the tax wrapper.

If you hold the fund in the ISA tax wrapper then its an ISA.  If you hold the fund in a pension tax wrapper then it is a pension.