Fidelity: Pensions Merger Offer

Spidernick

Out of the blue I've received a letter from Fidelity Personal Investing (based in Tonbridge) offering to merge all my employer pensions into one SIPP with them. They are offering a cashback dependent on the total value of the pot as well as paying any exit fees up to a limit of £500 (I assume that's the total and not per plan, but it's not entirely clear). The incentives expire after 31 August.

I won't be doing anything around this, as I don't want to be rushed into anything without talking to an IFA and I am going on holiday soon, but wondered if people thought this type of thing was a good idea or not and any pitfalls to be aware of around this (outside of having everything together, level of charges, etc.).

Any thoughts would be appreciated. Thanks.

dunstonh

They are offering a cashback dependent on the total value of the pot as well as paying any exit fees up to a limit of £500 (I assume that's the total and not per plan, but it's not entirely clear). The incentives expire after 31 August.

Bribes are not being banned until April 2016. So, this is probably a last gasp effort to raise assets under management before they can no longer do it.