Not to disagree or disapprove but these are innate SIPP properties, if your current provider do not have these, itās a legal snafu. Actually thinking about it the ability to ādepositā (not only hold) foreign currency into SIPP might be a nice add on.
HL doesnāt allow you to hold foreign currencies in their SIPP.
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Weāre aiming to offer transfer options, but itās too early to confirm if they will be available at launch.
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Youāll be able to make personal contributions with the initial release; weāll let you know if employer contributions become possible later on.
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We will offer uncrystallised pension lump sums from launch and plan to introduce additional withdrawal types soon after.
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Weāre looking into the possibility of a 0% US withholding tax, though nothing is set in stone just yet. Iāll keep the community posted on any updates.
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Weāre also considering offering multi-currency accounts, and itās definitely on our radar. Itās still too early to confirm, though.
Iām sorry I canāt share all the details just yet, but what I can say is that we will be releasing a really solid product and will continue to enhance it over time.
Excellent update, now letās all quietly wait on what they eventually release so they can focus on getting the best product to us from launch at the earliest date!
What are Trading212 doing to ensure compliance with SIPP asset eligibility rules? I ask as I saw a query on the Freetrade community forum relating to $NNDM. It seems other providers allow $NNDM into a SIPP but Freetrade doesnāt ! Is this just a Freetrade error or are providers SIPP each uniquely different and allow different assets ? If so, this is going to be weird! How will we know what we can hold or not hold? What rules are Trading212 going to adhere to please? @KrisG
Our SIPPs will be fully compliant with all asset eligibility rules and regulatory guidelines.
I canāt comment on the eligibility of $NNDM at this time, but we will provide clear and transparent information on which assets can be held within our SIPP accounts upon release.
Still, Iāll check with the team to see what you can expect regarding $NNDM and will get back to you
@KrisG Many thanks. I am pretty sure $NNDM is SIPPāable and Freetrade and wrong. A more complex question is the SIPP position with Closed Ended Funds like ITs. ITs and REITs appear to be allowable. Yet other Closed Ended Funds regardless of Exchange āappearā not to be. Since I trade a lot of US CEFs will they or will they not be allowable in my T212 SIPP? Really appreciate a considered, technical response on this rather than a āweāll look in to itā Thank you in advance
Hi badger, fellow 22 user here.
SIPP rules are very similar to ISA, so if you can find the security tradable in your 212 ISA, you should also be able to trade in your SIPP.
Yes and no and maybe and sort of but not quite.
In this instance ADRs (regardless of look through to Parental asset) are eligible for SIPP inclusion ā but not (as in the case of $NNDM) ISA.
Weirdly I think Limited Partnerships might qualify for SIPPs whereas they (mostly) donāt for ISAs.
Closed-Ended Funds I can not fathom the rules at all. As I read them those branded REITs or ITs (by the law of the country they issue in) will be SIPP able. Anything else (so those US funds that trade all across AMEX??? but what else??) wonāt be.
In short: I think it might be another minefield for Compliance unless someone gets their head around it beforehand.
Is this still in the pipeline? Would be awesomeā¦
Welcome to the Community, @SilverXtl
The development of SIPP accounts is still underway. Weāll keep you posted when thereās any news.
Do you have a rough ETA?
Also, what will the process be for transferring an existing SIPP to T212?
ETA - Q1 2025.
As for transferring an existing SIPP, weāll provide detailed guidance as we get closer to launching the product. Typically, the process involves initiating a transfer request with your current provider, and weāll coordinate with them to ensure a smooth transition.
Thanks @KrisG
I canāt wait to move from my current providerā¦
I assume FCA only guarantees Ā£80k right? If so, what about SIPP over that amount?
Yes, as an FCA-regulated SIPP, the FSCS protection of up to Ā£85,000 will apply.
For more details, you can review our general Protection practices.
Do you plan for the T212 SIPP to allow for company contributions (and apologies if this has been asked before)
No problem @samdb, hereās my reply from two weeks ago:
Cant wait (much longer). Fingers crossed the Q1 2025 date is met.
Interesting. When Iāve performed previous transfers from my workplace scheme, Iāve always initiated from the destination provider (in my case, Vanguard). Pop in the source provider, the policy numbers, and the amount I want to transfer, and they handled it and it was done in a few days.
You really want your new process to be modelled on that, IMHO. Trivial, easy, and very quick.
If both receiving and releasing schemes support OTS (origo) transfers happen exactly like you said.
But if any of the schemes do not support origo, few weeks (if lucky and on an honest provider) or few months (although legal limit is 4 weeks) of āwet signingā papers and posting them to both receiving and releasing papers.