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

AlanP_2

Sounds like one department (bringing new SIPPs to market) were unaware that another department (get out of retail investments) were beavering away in the next office  as strategic direction must have been set bepore SIPP launch.

Fairly typical of large companies really

Alexland

So our L&G ISAs transferred as cash into our existing iWeb accounts in less than 3 weeks with a random market gain between selling down and reinvestment. As they had confirmed on the phone there was no penalty applied for breaking the (already paid out) cashback deal 10 months into the 2 year minimum term. I was able to make a more substantial topup contribution into iWeb when reinvesting.

On the little SIPPs then I am still unsure what is happening. The L&G login splash page now says they are not transferring but Fidelity have told me they will be merging it in with my existing Fidelity SIPP so one of them is wrong probably the latter. The cashback hasn't paid out on those ones yet fingers crossed I haven't upset them with the ISA transfer!

VXman

Alexland said:

So our L&G ISAs transferred as cash into our existing iWeb accounts in less than 3 weeks with a random market gain between selling down and reinvestment. As they had confirmed on the phone there was no penalty applied for breaking the (already paid out) cashback deal 10 months into the 2 year minimum term. I was able to make a more substantial topup contribution into iWeb when reinvesting.

On the little SIPPs then I am still unsure what is happening. The L&G login splash page now says they are not transferring but Fidelity have told me they will be merging it in with my existing Fidelity SIPP so one of them is wrong probably the latter. The cashback hasn't paid out on those ones yet fingers crossed I haven't upset them with the ISA transfer!

Just to be clear - you rang up and asked if you were able to keep your topcashback if you left rather than fulfilling the 2 years and minimum funding requirements?

eastmidsaver

i like the multi index 6 fund . i think OCF is 0.31% , and it's a volatility managed fund.  it is on the riskier side though.
depending on your risk tolerance you can choose multi index 3 (lowest risk)  to multi index 7 (highest risk).
essentially it is a managed fund, but of several index trackers.   but do ensure you do you're own research to decide if it's right for you.
in general i think L & G do have several managed funds, but generally specialize in low cost tracker funds.

Alexland

VXman said:

Just to be clear - you rang up and asked if you were able to keep your topcashback if you left rather than fulfilling the 2 years and minimum funding requirements?

We had already met the minimum funding requirement and cancelled the DDs so I just said that we didn't want to transfer to Fidelity and asked if they would make any deduction if we transferred out early. The amount transferred exactly matched the fund sale contract notes so they made no deduction. They had already paid topcashback so it seems highly unlikely they will try claw it back from me that way but it's a risk I am willing to take.

grumiofoundation

Noticed that despite the announcement of the transfer to fidelity being quite a while ago the legal and general stocks and shares ISA offer has only just been removed from TCB/Quidco - I was wondering if it would be possible to sneak in next tax year pre-transfer but looks like not now...

VXman

Alexland said:

VXman said:

Just to be clear - you rang up and asked if you were able to keep your topcashback if you left rather than fulfilling the 2 years and minimum funding requirements?

We had already met the minimum funding requirement and cancelled the DDs so I just said that we didn't want to transfer to Fidelity and asked if they would make any deduction if we transferred out early. The amount transferred exactly matched the fund sale contract notes so they made no deduction. They had already paid topcashback so it seems highly unlikely they will try claw it back from me that way but it's a risk I am willing to take.

I messaged L & G about the topcashback situation. The advisor consulted  more senior management person and came back with this message:
I"ve been asked to refer you back to topcashback.com regards the arrangement you have
with them. Unfortunately we don"t have any contact details for them. I"ve been
advised to direct you to the website address below:
https://www.topcashback.co.uk/help/my-account--support

Seems odd. I would have though L & G would be the ones to claw back the cashback if terms were not met - not topcashback. I've already taken the £105. Not sure what they would do if I didn't stick to the original 24 months. 

Alexland

VXman said:

Seems odd. I would have though L & G would be the ones to claw back the cashback if terms were not met - not topcashback. I've already taken the £105. Not sure what they would do if I didn't stick to the original 24 months. 

Nobody seems interested and we have not heard anything from either since transferring our ISAs out early. The cashback for our L&G SIPPs has since gone 'confirmed' at the same times as several others on the pensions forum however we might keep those little accounts incase they benefit from a protected retirement age in future. If anyone ever asks us to return the ISA cashback then we would give it to them but in the meantime I am happy to forget about it.