Trading 212 SIPP

swindiff

I have a Trading 212 S&S ISA and cash ISA and  and have just been reading they are supposed to be introducing a SIPP in the 1st quarter of 2025. It almost seems too good to be true that there will be no management fees just a 0.15% currency conversion fee (FX fee) for stocks and ETFs. If this is true then transferring to them would seem a no brainer?

TheBanker

I think they've been talking about launching a SIPP for a while and the date keeps getting pushed back.

I have an ISA with T212, but if the SIPP does launch I won't transfer immediatly. I would expect they'll be overwhelmed with transfer requests initially, so I'll let things settle down before I look at whether I want to transfer any of my money. 

Pat38493

This would probably be good news for competition in this area I think?

If this is successful for Trading 212, it will potentially force other providers to reduce their platform charges.

The only potential issue is that we see claims here from time to time, that many of these platforms, even the ones charging a platform fee, are not making profits and are running at a loss in order to grab market share - not sure if that's really true or not, but if so I would potentially mean consolidations or failures down the line.

cloud_dog

I have an account with T212 with a relatively small amount, but I won't be placing any significant amounts with them as I find their customer service doesn't fit with my requirements; it is chatbot or or email.

I don't find shelling out c. £120pa and/or £159pa to be a significant overhead TBH.

AlanP_2

Will they support all of the drawdown methods that can be used, and if so will they charge and how onerous will their processes be?

Focusing on low cost might be the only thing relevant for some people as they accumulate but how it works at the other end is also important.

DavidT67

AlanP_2 said:

Will they support all of the drawdown methods that can be used, and if so will they charge and how onerous will their processes be?

Focusing on low cost might be the only thing relevant for some people as they accumulate but how it works at the other end is also important.

Agreed.

Hasn't the Pensions Regulator recently announced that they would deregister any provider which doesn't support FAD as well as UFPLS?

That's put some of the new entrants, i.e. FreeTrade, in the crosshairs as they only offer UFPLS.

Also moving pensions which have been accessed to the new entrants tends to be impossible, due to lack of suitably mature processes and systems for split pots.