Is there a possibility of a T212 pension platform (SIPP)

Not to disagree or disapprove but these are innate SIPP properties, if your current provider do not have these, itā€™s a legal snafu. Actually thinking about it the ability to ā€œdepositā€ (not only hold) foreign currency into SIPP might be a nice add on.

HL doesnā€™t allow you to hold foreign currencies in their SIPP.

  • Weā€™re aiming to offer transfer options, but itā€™s too early to confirm if they will be available at launch.

  • Youā€™ll be able to make personal contributions with the initial release; weā€™ll let you know if employer contributions become possible later on.

  • We will offer uncrystallised pension lump sums from launch and plan to introduce additional withdrawal types soon after.

  • Weā€™re looking into the possibility of a 0% US withholding tax, though nothing is set in stone just yet. Iā€™ll keep the community posted on any updates.

  • Weā€™re also considering offering multi-currency accounts, and itā€™s definitely on our radar. Itā€™s still too early to confirm, though.

Iā€™m sorry I canā€™t 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.

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Excellent update, now letā€™s 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!

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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 doesnā€™t ! 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 canā€™t 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, Iā€™ll check with the team to see what you can expect regarding $NNDM and will get back to you :v:

@KrisG Many thanks. I am pretty sure $NNDM is SIPPā€™able 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 ā€˜appearā€™ 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 ā€œweā€™ll look in to itā€ Thank you in advance

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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) donā€™t 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??) wonā€™t be.

In short: I think it might be another minefield for Compliance unless someone gets their head around it beforehand.

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Is this still in the pipeline? Would be awesomeā€¦

Welcome to the Community, @SilverXtl :wave:

The development of SIPP accounts is still underway. Weā€™ll keep you posted when thereā€™s 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, weā€™ll provide detailed guidance as we get closer to launching the product. Typically, the process involves initiating a transfer request with your current provider, and weā€™ll coordinate with them to ensure a smooth transition.

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Thanks @KrisG

I canā€™t 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, hereā€™s my reply from two weeks ago:

Cant wait (much longer). Fingers crossed the Q1 2025 date is met.

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Interesting. When Iā€™ve performed previous transfers from my workplace scheme, Iā€™ve 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 ā€œwet signingā€ papers and posting them to both receiving and releasing papers.