Legal & General SIPP £120 Cashback - *Now Ended*

Alexland

Albermarle said:

The cashback is not due yet as I only did it recently - end of January I think.

I already transferred a pension to Fidelity  before and the cashback paid out on time - no problem, perhaps I was lucky .

I might have been luckier as they paid me £50 compensation for being so slow at paying it after waiting 3 months following transfer completion it took a further 2-3 months. Given the transfer from my old HSD SIPP took ages anyway it was getting on for a year of waiting. Still well worth it for £500+£50 as am in no hurry.

grumiofoundation

Alexland said:

That looks like a very good offer.

We each opened L&G S&S ISAs via TopCashBack at the start of the new tax year April and took the precaution of using different computers and our own TCB accounts incase there were any problems with the tracking. Mine tracked within 24 hours but my wife's didn't track so she submitted a claim after 7 days. Mine became payable after about 4 months and my wife's took an extra month but no need to chase them. I like TCB as they just paid out on my insolvent Maplin claim from 2017 although that did take some chasing.

L&G have recently sold their retail customer book so you might find your new account migrated to Fidelity during the 24 months. L&G have a SIPP platform fee of 0.25% compared to Fidelity at 0.35% which is slightly more expensive but Fidelity charge a minimum of £45 pa if your account is under £7.5k and you don't have a regular saving plan which is very expensive for a tiny account. When Fidelity took over Cavendish they promised to honour the existing lower charges for a while so it will be interesting to see what they offer L&G customers.

Unsure if we would qualify for the offer as the terms are "Cashback is only available to new Legal & General ISA (Unit Trust Managers Limited) customers. This means to be eligible for the cashback, you cannot currently hold a Self-Invested Personal Pension (SIPP) Account with Legal & General". Obviously we are existing Legal & General ISA (Unit Trust Managers Limited) customers but don't have a SIPP with them. Hmmm.. sent L&G a secure message asking.

Signed up x 2 this morning and the terms have now updated to read:

Cashback is only available to new Legal & General ISA SIPP (Unit Trust Managers Limited) customers. This means to be eligible for the cashback, you cannot currently hold a Self-Invested Personal Pension (SIPP) Account with Legal & General"

I did the same S&S ISA offer in April (through Quidco though as were running a £20 "ISA day" bonus) so hopefully updated terms mean will be eligible.* Wife's cashback for SIPP has tracked already, she has an old workplace pension with L and G but seems this has not affected. 

Edit - my cashback for £120 now tracked as well.

quirkydeptless

£100 invested, £120 tracked, see you in 2 years time L&G Multi-Index when I might be finding a new home for you

Albermarle

In some of the info about Fidelity buying L&G retail investments , it refers to legacy ISA's only , insinuating you can not open a new ISA with L&G anymore .
Then it also says L&G SIPP is not included in the proposed deal . which does not make sense as why would L&G want to hang on to this relatively small operation when they seem to want to get out of retail pensions as a strategy .
From Citywire>
Those assets are held in ‘legacy’ ISA, Junior Isa and general investment account products invested in Legal & General funds, which customers will remain invested in at the time of the switch. Sipp assets are not included in the deal. 

quirkydeptless

The more SIPP accounts L&G have, the more attractive that business might look to be taken on by a deal with Fidelity.

Hmm, if only L&G could find a cunning way to bump up the number of SIPP customer accounts...

dingling68

I have just tried to open one and the first attempt failed at the payment stage and the second one at the payment stage said they couldn't process the application and they hoped to help in the future 😐

AlanP_2

Am I reading this, and the TopCashback and L&G sites correctly - Put £100 in to a new L&G SIPP and get £120 cashback?

No ongoing commitment to contribute anything else?

I can't see a minimum period before transferring either although there is reference to 2 years above?



Thanks

Dazed_and_C0nfused

AlanP_2 said:

Am I reading this, and the TopCashback and L&G sites correctly - Put £100 in to a new L&G SIPP and get £120 cashback?

No ongoing commitment to contribute anything else?

I can't see a minimum period before transferring either although there is reference to 2 years above?



Thanks

That's how I've seen it.

Although it's actually £145 of free money as the £100 is the net contribution before tax relief is added.

So you could contribute £100 and then add the cashback of £120 and end up with a pension fund of £275 for an initial outlay of £100.

If you can get accepted.

AlanP_2

Just signed up and has gone through OK, will just have to keep an eye out for the cashback.

BlueLeaf

I messaged TCB asking them to confirm the minimum investment required and minimum holding period in order to get the cashback, just to make sure. They messaged back saying that they are checking with their 'sales team' and will get back to me.