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

Asghar

BlueLeaf said:

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

Our sales team have confirmed that the minimum investment amount to be eligible for cashback is £2500 / 24 months. I hope this helps! Callum

That is wrong, the minimum is only £100.

Asghar

quirkydeptless said:

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

That's because there is a buying/selling spread of around 0.40%, so it's costing you that for every investment.

Alexland

BlueLeaf said:

Our sales team have confirmed that the minimum investment amount to be eligible for cashback is £2500 / 24 months.

Those were the terms of the L&G ISA cashback so either they have told you the wrong offer information or made an error in drafting the terms of this SIPP offer. Suggest everyone should take a copy of the terms on the day they apply incase the terms are further updated later.
It's a shame this cant be used for children's SIPPs.

Albermarle

Although £2500 for 24 months for a £100 cashback seems realistic , whilst £100 for £100 , immediately withdrawable, seems too good to be true .
Something we tell plenty of new posters to be on the look out for - if it is  too good to be true, it probably is .

Alexland

Well it might not be immediately withdrawable for the younger of us but at least it seems to be immediately transferable after the cashback has paid. I don't know if L&G and/or TCB have made error(s) in this offer but they are both sufficiently reliable that I would expect them to honour the terms if evidenced. Maybe a better expression might be "don't look a gift horse in the mouth"? Only time will tell.

quirkydeptless

BlueLeaf said:

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

I still says minimum £100 on TopCashback and L&G. I assume the marketing teams assume people will use the SIPP normally, and not just leave a £100 in it.

As it happens, I have a £600/month regular investment into my existing SIPP, so I could divert that to L&G to get it to £2500 in this tax year, not that I should be making investment decisions based on cashback offers, but hey, it's a free £120 

Alexland

quirkydeptless said:
I have a £600/month regular investment into my existing SIPP, so I could divert that to L&G

Ouch does your employer not operate salary sacrifice on their workplace pension? I'd be looking for a new job...

quirkydeptless

Alexland said:

quirkydeptless said:
I have a £600/month regular investment into my existing SIPP, so I could divert that to L&G

Ouch does your employer not operate salary sacrifice on their workplace pension? I'd be looking for a new job...

Yes it does, and it's maxed out so I am at minimum wage, SIPP is so I can invest the rest.

Alexland

quirkydeptless said:

Yes it does, and it's maxed out so I am at minimum wage, SIPP is so I can invest the rest.

AAh yes my wife is in a similar position (part time so down to personal allowance) but we haven't taken to making direct contributions yet, other than this offer, as we figure she still has plenty of years ahead that she can salary sacrifice new contributions. How long did it take for your L&G prefunded tax relief to show? Our accounts are still showing as £100.

quirkydeptless

Alexland said:

quirkydeptless said:

Yes it does, and it's maxed out so I am at minimum wage, SIPP is so I can invest the rest.

AAh yes my wife is in a similar position (part time so down to personal allowance) but we haven't taken to making direct contributions yet, other than this offer, as we figure she still has plenty of years ahead that she can salary sacrifice new contributions. How long did it take for your L&G prefunded tax relief to show? Our accounts are still showing as £100.

Funded mid-day 14th November, checked on the 16th, £125 was showing and investment in progress, checked this morning, cash was invested at Yesterday's price. Pretty slick.