S & S ISA 2020-21 Legal and General - ideas?

Alexland

The R is the Retail class that is priced to buy directly and the I is the Institutional class that is just the fund cost so you would also need to pay a platform charge eg Fidelity at 0.35%.

threlkeld53

Alexland said:

The R is the Retail class that is priced to buy directly and the I is the Institutional class that is just the fund cost so you would also need to pay a platform charge eg Fidelity at 0.35%.

Thanks for that. In that case I'll use my ISA a/c with iweb and save the 0.35%.

Alexland

threlkeld53 said:

Thanks for that. In that case I'll use my ISA a/c with iweb and save the 0.35%.

Yes we have iWeb accounts for old contributions and are only paying the 0.51% as it worked out better on the cashback deal.

grumiofoundation

Alexland said:

threlkeld53 said:

Thanks for that. In that case I'll use my ISA a/c with iweb and save the 0.35%.

Yes we have iWeb accounts for old contributions and are only paying the 0.51% as it worked out better on the cashback deal.

 Wonder how the cashback conditions (24 months etc) are effected by the switch? 
Deal is still listed on top cashback etc, wonder how long it will still be there...? 

Alexland

Yes it will be interesting to see what options they present. Would Fidelity really bother penalizing us for transferring out early when the cashback was paid by L&G? I expect L&G will either drop the OCF on R units or convert to I units to make the deal work. Should be cheaper for us as we would only pay the reduced 0.20% platform fee due to our SIPPs.

VXman

I'm assuming that if I make sure the £2500 is added before the end of March I can just sit back and forget about it for another year (whether it is with L & G or Fidelity) and then cash it out in April 2022. That would satisfy the topcashback conditions I assume? And also allow me to open a new S & S ISA elsewhere for 2021-22.

Alexland

VXman said:

I'm assuming that if I make sure the £2500 is added before the end of March I can just sit back and forget about it for another year (whether it is with L & G or Fidelity) and then cash it out in April 2022. That would satisfy the topcashback conditions I assume? And also allow me to open a new S & S ISA elsewhere for 2021-22.

Yes provided you ask L&G to stop the regular contribution to avoid making any contributions next tax year.

Alexland

Called L&G and they told me that all retail accounts including recently opened ones are moving to Fidelity.

I explained we didn't want our ISAs transferring to Fidelity as we are already over the FSCS limit there (true and seemed a good excuse) and asked if they would deduct the cashback if we transferred elsewhere now. The agent didn't know the answer and neither did her manager. She checked with their transfer team and phoned me back to confirm we are OK to leave without penalty. So just printed out the forms to transfer into our iWeb accounts.

We are going to let our tiny L&G SIPPs transfer into Fidelity but unsure if they will create a new account or merge with our existing SIPPs which is what we were going to do anyway.

AlanP_2

Are the new SIPPs transferring? They have only just launched those, still wiating for the cashback.

Alexland

AlanP_2 said:

Are the new SIPPs transferring? They have only just launched those, still wiating for the cashback.

That's what they told me. We only opened ours a couple of months ago too. It's a bit risky transfering out our ISAs before the min 2 year term while still waiting for the SIPP cashback but they said it was OK.