Fair point but why not clearly communicate all of that?
SIPPs are a significant driver of customers and assets in the UK. Fortunately there are other good choices from t212’s competitors so it is far from the end of the world if t212 have put them on the back burner.
Exactly this. I would much rather they communicated and said something. Even if it is something like ‘we have run into issues’ or ‘we have had to push it back as it is taking longer than we thought it would’.
Communication is key imo. I mean I don’t expect weekly updates but at least every few months.
We had to prioritise the tasks we were working on, and at this point, SIPP is not within our plans for 2022. Below is what we have prepared for this year- some of the features are already in a testing phase, while others are live:
Hello everyone, do we have any news regarding the SIPP? I think many users are eagerly awaiting its implementation. It would be fantastic since I’m a big fan of this platform. However, I’m currently contemplating a switch to Freetrade because they offer the convenience of managing both my investments and SIPP in one app. Integrating the SIPP feature would be a significant advantage. I strongly encourage you to explore the possibility of adding SIPP, even if it requires a small monthly fee.
I would’ve preferred to welcome you to our Community with some good news, but unfortunately, there aren’t any updates regarding SIPP at the moment. I’ll be sure to let you know if anything comes up. However, for the time being, the feature is not at top of our priority list.
Welcome to the Community, nonetheless. I hope you like it around
If you want my advice, don’t! I just switched to T212 because of their awful customer service, their total inability or unwillingness to listen to users or make any basic improvements, their total incompetence with regards to payment of dividends or financial transactions to or from other providers/banks. I ended up having to withdraw the money from my ISA and lose the tax wrapper because they were taking over three months to switch peoples’ accounts while continuing to charge the monthly fee for the product. The list goes on and on. I still keep an eye on their forum and complaints are legion!
I would also be potentially interested in a SIPP offering so I can understand the temptation but, having just escaped the clutches of FreeTrade, I would strongly advise against them.
I know of what you speak! Pretty much the only reason I still use Freetrade is the Sipp. It’s a relatively decent value offering.
Sipps don’t seem to be high on T212’s priority list. I think this is a shame and such a missed opportunity – after all, most people will have more in their pension than Isa, so T212 could boost its AUM significantly.
Hopefully T212 will blow the competition out of the water with a Sipp before too long.
An interesting point on pensions, according to the FT summary of the announcements in the Autumn Statement:
It seems like the government will allow employees to ask their company to pay their pension contributions into the pension of the employee’s choice. It will also encourage people to have one single pension “pot” (and consolidate them).
This could be great news for SIPPs platforms and users!
It means users could consolidate their funds and also have employer contribute to it, and not to a random employer pension with a limited selection of product offers.
It could be great news for T212 also, if it started offering a SIPP .
Hopefully this announcement increases the change of T212 developing one .
Most pension providers have some kind of fee. As long as it is low, transparent and only applicable to the assets in the SIPP or users with a SIPP I think it could still tie in with the rest of the T212 platform offerings.
Also, being a “one stop shop” for all clients assets could be helpful overall.
Obviously it is up to T212 and what they think is best to develop for their platform and offerings and also what they think an adequate pricing strategy is.
It does not currently seem to be among the priority items for development and that is fair enough as it is up to them, but users can only hope that at some point they decide to look into it.
I was really excited for this. As someone who changes jobs every 2-3 years I got the extremely painful job of moving a WPP from an obscure “corporate” provider. (Last one was capita pensions and I can create a solo topic about how intentionally bad they are to prevent people leaving, resulted in ombudsman interfering)
So back to topic, at the moment I work at one of those evil financial giants that has more power than most governments They employ 20K people just in UK (hint: they actually bought a company that used to have 20K people in UK few years ago) At lunch I was coincidentally sitting next to the HR guys, and we talked about this. They were horrified by the suggestion of 20K people choosing their own providers naturally. Their initial idea to prevent it was to disincentivise it by not offering additional company bonuses beyond legal minimums for those who choose a custom broker.
At the moment company matches and doubles pension contributions up to 12% meaning if you contribute 6% of your salary they will add 12% and a total of 18% will go into your pension pot, which is awesome. Legal minimum here is the company to match 3%, meaning if you contribute 6% again, they will match 3% and a total of 9% will go into your pot.
So I think even if they go ahead with this legislation it’s unfortunately dead on arrival (for most companies)
people also have a lot more capital in their pensions by a factor of 12 on average (England/permanently employed/aged 30 and over)
also I wrote this ages ago (and people had an opportunity to use those pitchforks), I don’t really mind paying a fee as long as I get better service/execution/features etc.
I’ve used T212 since 2018 (except this year I stopped using it completely) and not much has improved since then. Especially this dodgy order execution (which can be another topic) which makes you smile when they say the platform is free.
@s.voltolini@GDowsett19 the 3rd reply on this topic 3-4 years ago is me (replying to the promise it will be ready in 6-12 months) neither sipp nor in-specie transfers are touched, so don’t hold your breath
Yes, it definitely is. At least a year ago according to the forum :
Interesting points on companies disincentivising it:
If they did go for the bare minimum I wouldn’t consider using a different platform either as I would be missing out on the company’s additional contributions, hopefully they don’t go down that route of removing the additional contributions for people that switch from the default platform.