Trading 212 SIPP

Lowtrawler

Am in the course of moving my wife's SIPP from AJ Bell to T212. As per Cloud_Dog, the means to create a recurring payment in T212 for the SIPP is not obvious. However, she will save the 0.25% annual AJB charge and all ongoing trading charges.

Mrs_Z

Just because they don't have any fees at the moment, doesn't mean that they won't introduce them in future. Many banks/businesses/insurers offer good deals to begin with only to hike up prices after a while.

I don't have experience on Trading 212 but I'd be very cautious on transferring my SIPP based on costs alone. Like someone already mentioned, what's their customer service like? That's crucial in my books - can you actually talk to a human if you need to? And without hanging on the line for ages? And also, what's the process on withdrawals vs other providers? For someone young who is not looking/able to access their pension for years to come, it might be very good.

Pat38493

https://forums.moneysavingexpert.com/discussion/comment/82040719#Comment_82040719

T212 main selling point for their GIA and ISA has always been no fees, so if they start charging fees it would be a big departure.

adindaspantai

https://forums.moneysavingexpert.com/discussion/comment/82040719#Comment_82040719

It could be but their GIA and S&S ISA account have been there for more than a decade, and it is still the same, no fees. The only fee is the Forex fees 0.15% + of course stamp duty when buying UK Stock.

No account fee is probably not the main advantage, as typically there is a cap in other platforms. But the ability to trade as many as you can at no fees is probably the game changer for some people. You could execute order at any time at your convenience, also they have out of trading hour execution, at the price you would like to pay, you could set up multiple limit order at no fees. In other S&S ISA or SIPP account how much will it cost to do that if people buy/sell share multiple times a month? Also they pay a decent interest for uninvested cash in SIPP, currently 3.6%, beats many easy access saving AC, so no pressure to invest it immediately.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82040719#Comment_82040719

I do not know in this case, but some of these platforms, outsource the administration of the SIPP to a third party, which is not ideal.

cloud_dog

https://forums.moneysavingexpert.com/discussion/comment/82040594#Comment_82040594

I understand open banking and how to transfer money, but I don't want to manually execute anything. As far as I understand (from T212) they only way to automate an investment (with new regular money) and by not incurring any charges at all, is to set up a Standing Order from your bank into your T212 account (obtaining the details of which really aren't as straightforward as it should be), and to ensure your SO lands sufficiently early so as to ensure it has cleared ready for the auto-investment in T212. So I will probably need to ensure the SO executes possibly 4 or 5 days (to be absolutely certain) in advance of the investing day. This is so sub-optimal in my opinion.