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

Alexland

Aah yes the pre-funded tax relief was added and the money invested within around 24 hours. Looking at our account numbers they might only have around 600 customers on this product so far. Maybe the reason they are being so generous is that they want to establish an initial customer base and we are helping them test all their processes as this is their future pension product that replaces all the legacy stuff some of which they just sold to Fidelity?

To be fair it's a nice pension with reasonable fees on a small balance and a small choice of multi asset risk levels and even simpler to use than the Aviva stakeholder that we used to suggest people arranged with Cavendish paper forms. If someone said they wanted to accumulate via a very easy pension this is probably where I would send them.

quirkydeptless

Yes, it seems a very simplistic SIPP. Maybe they plan to extend it and we are the product "testers". From what I can see, it has a 0.25% platform fee plus a choice of only the 5 L&G Multi-Index funds which have an OCF of 0.31%, so not bad for a small pot and leave it be investor. There doesn't seem to be a regular investment option which would be useful.

Alexland

Oh yes I didn't notice they didn't offer regular investment during signup and now there only seems to be the option to do one off top ups. They are missing a trick this must be a very new product. That's probably why, unlike their ISA offer, they didn't require regular contributions as part of their TCB terms. Even on the ISA there isn't any way to modify the regular investment without contacting them.

Albermarle

As I said at the beginning . L&G have been moving away from pensions and now have sold their retail investment division to Fidelity. Then up pops this SIPP . A bit strange .

NottinghamKnight

It's probably management consultants, employ one lot to who advise to sell a business and another one to advise buying/ starting one up, frequently at the same time and in the same business areas.

Asghar

The SIPP cashback is no longer showing now, only the ISA one.

Alexland

Asghar said:

The SIPP cashback is no longer showing now, only the ISA one.

Yes that link is now a min investment of £5k for £50 cashback or £10k for £100 cashback.

If OP is still reading this it might be worth updaitng the thread title to add "Now Ended"

quirkydeptless

Alexland said:

Asghar said:

The SIPP cashback is no longer showing now, only the ISA one.

Yes that link is now a min investment of £5k for £50 cashback or £10k for £100 cashback.

If OP is still reading this it might be worth updaitng the thread title to add "Now Ended"

Hmm, I wonder if they will honour the original offer

Albermarle

Sounds to me like they messed up as it seemed too good to be true.

Alexland

quirkydeptless said:

Hmm, I wonder if they will honour the original offer

I expect they will as it's fairly normal for TCB offers to change over time (without the URL changing) and the tracking system is good enough to keep track of the offer value that was valid at the time of application. Have done over 100 TCB transactions and never had one fail to payout. Either someone messed up, it was a time limited offer, they had a target number of accounts or they read this thread!