Pension Trading Account
Our Pension Trading Account service will close on 31 January 2024. You will need to make arrangements for the cash and assets in your account to be transferred to another provider, or returned to your main pension.
Why is the service being discontinued?
We have reviewed our service offering and have decided to withdraw products offered via third parties due to the high operating costs. We will instead focus on our core SIPP, ISA and Trading accounts, which are offered directly to customers.
As a result, we are discontinuing the Pension Trading Account and are asking our customers, in consultation with their Pension Provider, to decide what they want to do.
Key dates
| Date | Event |
|---|---|
| 30 June 2023 | Final date we will accept an instruction to transfer assets into a PTA |
| 31 July 2023 | Any accounts that hold no cash or assets will be closed. |
| 10 November 2023 | In addition to the existing monthly Service Plan fee we will begin to charge an additional Administration fee of £30 per month |
| 31 January 2024 | The PTA product will close and all online access to your PTA will be removed |
What are my options?
As part of our service, we will facilitate any combination of the options show below.
Your options will need to be carefully considered and will depend upon your individual circumstances. We recommend that you discuss your options with your Pension Provider and an authorised Financial Advisor.
Transfer stock held in your Pension Trading Account to another provider
You can transfer the assets in your Pension Trading Account to another platform, if one is made available by your pension provider. Please speak to your pension provider to discuss what options may be possible.
Withdraw cash from your Pension Trading Account to your main pension
Your pension provider can request a withdrawal of the cash value of your PTA back to your main pension. Please note that you will need to sell any assets in order for their value to be withdrawn as cash. If you do not wish to sell the assets, they will need to be transferred to another platform as per option 1 (above).
Is there an option to keep PTA assets on the ii platform?
As your PTA is part of a pension you have on another platform, the only way to keep assets currently held in a PTA on the ii platform is to transfer all or part of that pension to an ii SIPP. This would allow assets in the PTA to be transferred directly to the ii SIPP and be available online, together with any other ii accounts you hold.
As with the options above, how suitable this is depends upon your individual circumstances and we recommend that you discuss this with your Pension Provider and an authorised Financial Advisor. More information about the ii SIPP can be found here.