Interactive Investor

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. 

When will the PTA product close? 

The PTA service will close on 31 January 2024. Any accounts still open after that date will only have an extremely limited service available. 

PTAs that are not closed by 31 January 2024 will have all online access removed and be restricted to sales only dealing. All account administration fees will continue to be charged, including the monthly Subscription Plan fee and the additional Administration fee (£30 per month) that began from November 2023. 

Please note that the monthly Subscription Plan fee and the additional Administration fee are waived from the point we receive a signed instruction from your pension provider to transfer the assets within the PTA to another provider.  

Key dates

DateEvent

31 January 2024

Pension Trading Accounts will be restricted to sales-only dealing.

30 April 2024

All online access to your PTA will be removed. 

12 July 2024

The additional administration fee charged for PTA accounts will increase from £30 to £50 per month. 

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.

The monthly Subscription Plan fee and the additional Administration fee are not charged during a transfer to another provider.

We will begin to waive fees as soon as we receive a signed transfer-out from your pension provider, authorising us to begin the transfer.

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?

Yes. Assets currently held within your PTA can be transferred to an ii SIPP, along with all or part of your current pension.

Feedback from customers has shown that there may be one of a number of factors linked to why you have not yet felt able to take action to close your PTA. These include the overall structure of your pension, the investments held within your PTA or even exit/transfer fees that may be levied by your existing provider. 

If you transfer the assets within your PTA to an ii SIPP, you may be able to claim £400. Please visit ii.co.uk/pta-transfer for further details on this and how to begin a transfer. Terms apply.

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.

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