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

AlanP_2

Well I invested £100 which is showing at the L&G end, and the £120 cashback is showing as "tracked" at the TC end so fingers crossed.

Alexland

grumiofoundation said:

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"

Interesting well spotted (wonder if that was a result of my secure message they haven't replied to yet) but a quick check at Companies House suggests there isn't a company with ether ISA or SIPP in the name just Legal & General (Unit Trust Managers) Limited company number 01009418. Still it looks like the intent is that you will get the cashback even if you already hold an ISA with them which would be good.

grumiofoundation said:

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.

Yes I remember being annoyed about that as I opened the L&G ISA via TCB (as the deal was slightly better) after checkinq Quidco but then that £20 offer was launched a few hours later in the day and it would have been enough to make Quidco the better deal.

garmeg

Signed up on 13th November. Not tracked yet.

quirkydeptless

My account is already showing the tax relief included as a total £125 cash, investment in progress

Alexland

Yeah the insurers tend to pre fund the tax relief so no need to wait and remember to invest it. It's a nice touch that you don't get in the DIY market. I don't usually want to make non sal sac basic rate contributions but might on this occasion. Sods law I will retire £125 over the LTA because of this deal.

garmeg

Alexland said:

Yeah the insurers tend to pre fund the tax relief so no need to wait and remember to invest it. It's a nice touch that you don't get in the DIY market. I don't usually want to make non sal sac basic rate contributions but might on this occasion. Sods law I will retire £125 over the LTA because of this deal.

I have already crystallised 100% LTA and still went for this.

For £100 outlay I get £75 out of the pension after 25% LTA charge and 20% basic rate tax plus £120 cashback so nearly doubling my money.

NottinghamKnight

I signed up yesterday with the £100 and it tracked within a few minutes. I'm anticipating this taking a few months to pay out, or even longer, but you can;'t knock it when you'd typically have to put in four or maybe five figures for most similar offers, also as it's a sipp and not an isa it doesn't affect my other investments.

Alexland

Well that took about 3mins in total, the £120 cashback is showing tracked and the pension is showing under my existing L&G login but it's just showing £100 so far not the £25 pre funded tax relief. Now when the wife is next free we need to do it again on her laptop and TCB and L&G accounts.

garmeg said:

I wonder how long to pay the caahback, because one of the terms for no cashback is ...
"Customers withdraw all of their funds from their Legal & General account within 24 months of initial investment."

I just saved a PDF printout of the terms (with all the arrows expanded) at the point I applied. This text seems to have been removed? So it looks like I am free to transfer it as soon as the cashback is payable?

quirkydeptless

quirkydeptless said:

My account is already showing the tax relief included as a total £125 cash, investment in progress

Investment completed at Yesterday's price showing a value of £124.36

Not sure if that's down due to fees, unfavourable unit purchase rounding, or both, not that I'm complaining considering the cashback

BlueLeaf

TCB have replied to my request to confirm minimum investment / holding period for the L&G SIPP -

Hey there, Our sales team have confirmed that the minimum investment amount to be eligible for cashback is £2500 / 24 months. I hope this helps! Callum
	TopCashback | 17 Nov 2020