Pension switching incentives

artyboy

New offer from II, maybe the cashback season is kicking off in earnest now. Not the most generous, especially given their recent fees hike. And also only for new SIPP holders, but it may be of interest to some here. 

As for me, I'm going with Fidelity...

https://media-prod.ii.co.uk/s3fs-public/pdfs/new-sipp-offer-terms.pdf

hara____

michaels said:

How do HL price - do individual shares / bonds come under their reduced fee assets as they do at AJ Bell?  Can they trade linkers online?  Thanks

HL only have the old-style 8 month lag linkers available for online trades, as I understand it. So that's just the two that mature in 2030 and 2035.

vacheron

hara____ said:

Fidelity have a new offer for SIPP and ISA transfers that runs from today to 5 April https://www.fidelity.co.uk/currentoffers/

£50k minimum and various tiered amounts, including £1,000 cashback for £100k transferred.

May be worth a look if you can live with ETFs, to stay within the capped fee.

Well that's annoying. Just last month I moved just over £100K to Fidelity as ETF's for £600 cashback (which hasn't even been paid yet). 

artyboy

vacheron said:

hara____ said:

Fidelity have a new offer for SIPP and ISA transfers that runs from today to 5 April https://www.fidelity.co.uk/currentoffers/

£50k minimum and various tiered amounts, including £1,000 cashback for £100k transferred.

May be worth a look if you can live with ETFs, to stay within the capped fee.

Well that's annoying. Just last month I moved just over £100K to Fidelity as ETF's for £600 cashback (which hasn't even been paid yet). 

 Nothing to stop you doing it again, if you have more to transfer...

Albermarle

hara____ said:

Fidelity have a new offer for SIPP and ISA transfers that runs from today to 5 April https://www.fidelity.co.uk/currentoffers/

£50k minimum and various tiered amounts, including £1,000 cashback for £100k transferred.

May be worth a look if you can live with ETFs, to stay within the capped fee.

Yes if you hold mainly OEICs,  Fidelity's standard platform fee of 0.35% is expensive for larger funds.
However it is not just case of you pay that, or just stick with ETFs to get the capped fee of £90.

Funds on the platform ( held in any type) > £250K drop the fee to 0.2%.
You can also hold a mixture of OEICs and ETF's and Investment trusts and get a blended fee.

I have mainly ITs and ETFs, but also a couple of OEIC's and my overall platform fee is more than £90 but is still only 0.04%. Then apart from trades, almost no charges at all for anything else, and pretty good and responsive customer service in my experience.

vacheron

I did consider moving my HSBC Global Strategy fund, but Fidelity don't offer it. I could have also moved it to HL which would have got me £2K. Unfortunately, as it is an OEIC I would also end up paying almost £1,400 per year in fees (compared with about £150 with II), or sell it and transfer the cash to rebuy in ETF's.... but I quite like that fund. 

HL also appears to be invitation only, and I dont think I've seen mine yet... maybe it got lost amongst the christmas post! 

artyboy

vacheron said:

I did consider moving my HSBC Global Strategy fund, but Fidelity don't offer it. I could have also moved it to HL which would have got me £2K. Unfortunately, as it is an OEIC I would also end up paying almost £1,400 per year in fees (compared with about £150 with II), or sell it and transfer the cash to rebuy in ETF's.... but I quite like that fund. 

HL also appears to be invitation only, and I dont think I've seen mine yet... maybe it got lost amongst the christmas post! 

Reading the HL offer T&Cs, you would also have already had to have a SIPP with them to get an invite, so even though I gave the offer registration process a go (and even got a mail back that I was registered), I think I'd have been on very shaky ground trying that on...

Albermarle

vacheron said:

I did consider moving my HSBC Global Strategy fund, but Fidelity don't offer it. I could have also moved it to HL which would have got me £2K. Unfortunately, as it is an OEIC I would also end up paying almost £1,400 per year in fees (compared with about £150 with II), or sell it and transfer the cash to rebuy in ETF's.... but I quite like that fund. 

HL also appears to be invitation only, and I dont think I've seen mine yet... maybe it got lost amongst the christmas post! 

HSBC Global Strategy Balanced Portfolio Accumulation C Key Statistics | GB00B76WP695 | Fidelity

+ the other versions.

ex-pat_scot

The HL seems to require that you have an existing SIPP as at 8 Dec. Rats.
The Fidelity seems to have a good, but curiously-stepped arrangement

Total Value	Cash Back Amount
£50,000 - £74,999	£300
£75,000 - £99,999	£600
£100,000 - £249,999	£1,000
£250,000 - £499,999	£1,500
£500,000 - £749,999	£1,800
£750,000 - £999,999	£2,000
£1,000,000 or over	£3,000

Requirement to hold for 18 months minimum.

I Rather suspect that there's no immediate rush - perhaps a revisit in the New Year. Keen to take advantage though.

Altior

Altior said:

I was going to go for the new Freetrade cashback offer, until I read this:

13. After the Award is made, if you seek to:

(a) close your Freetrade SIPP; or 

(b) make a transfer or withdrawal from your Freetrade SIPP which causes the value of your Freetrade SIPP to fall below the Relevant Value; and

(c) within 365 days of your transfer completing, we reserve the right to clawback the Award, to the extent permitted by applicable law. 

Currently I just have the basic account, so I would need to turn Plus on, which I understand is £119.88 annually. Whilst I could get the 'Award' (bonus) before the annual subscription ran out, it won't yet be 365 days after the transfer completing. Meaning I would need to subscribe to two years of Plus, otherwise they have the right to clawback the bonus

I received this by email at the start of the month:

We’ve updated the T&Cs for the SIPP transfer offer you’ve joined.

Effective today, an annual Plus subscription is no longer required for this offer. You can qualify for a cashback with any subscription that supports a SIPP account, so long as you meet the rest of the offer criteria.

SIPPs were only available on Plus at that point.

Then last week:

Fees shouldn't eat into your retirement savings.

That's why we're making the Freetrade SIPP available on all plans from 22 January 2026.

Mutual funds and Gilts will also become available on all plans, including Basic. It’s another great way to diversify your portfolio.  

I did go ahead and purchase the annual plus, which to be fair isn't crazy fees anyway. But a second one shouldn't now be needed with these changes.