Pension switching incentives

Albermarle

artyboy said:

incus432 said:

artyboy said:

Well, having done the sums, it's worth the effort (and likely patience) on my part. I can get £1500 from HL, £300 from II, and £1125 from Bestinvest (mix of TCB for new money plus transfer incentive). Plus I can throw in another £400 from fidelity/TCB for putting £20k of new money in an ISA with them..

Given the minimum holding periods, and calculating the deltas in fees versus my 'default' long term consolidation option (which is II), it should net me about £2500 in incentives. And I've still got more to move in case there are any more incentives to be announced. 

I'm specifically avoiding Wealthify and other robo/non-SIPP options as I am intending to keep the investments homogenous across platforms - probably vanguard world all cap. I think I've exhausted all the major incentives out there for now...

Yes I think it can be worth the effort but only I feel if you want to move anyway - for lower platform fees or better service.

I have been with Bestinvest for over a decade but over the last few years have become quite unhappy with their service and bureaucracy  (their fees have increased too but I am on a legacy tariff). I had earlier tried to take Bestinvest's cashback offer for movng a SIPP but they sent a complex form with misnumbered sections (so the instructions made no sense) and you had to remember to claim some time after the transfer I think. So I decided to move away and take the transfer offer from AJ Bell. True to form Bestinvest demanded a long impenetrable exit form c/w with duplicate sections, that could not be signed electronically, for me to print sign and send to AJBell-  for them to certtify they were a legit SIPP provider!  In contrast Vanguard apprioved a transfer with a minimum of fuss.

Initial impression is the AJ Bell service and website is much better. Hope it lasts

I also got £900 cashback for transferring an ISA to Lloyds (they seem to have counted it as 3 tranches!). Definitely worth it

For me, it was actually a good opportunity to compare and contrast relative service offerings.

If I assume that I'm going to stick with cheap diversified trackers for the foreseeable future, then my instinct is that I'll settle on II because platform cost will win out, assuming the platform isn't rubbish. It would take quite a lot of 'added value' in the form of market research, webinars etc, for Bestinvest to beat II, especially on a consolidated pot of around £1m. But while I've accepted their incentive, they have the lock-in period to try and convince me...

Same goes for HL, who to be fair, have already paid out the £1500. Bestinvest are making me wait till the autumn!

HL & Fidelity cashbacks seem to be quite straightforward. A few weeks after the offer period ends they just pay direct into your account. Both have a separate account that they pay into, and then you can use it pay charges, or invest, withdraw it etc 
The others seem less simple, either you have to claim at a certain time, or you get paid in Amazon vouchers, or via a third party cashback site etc

granta

Does anyone know when the HL cashback is payable? My SIPP transfer in completed sometime in February.
I don't seem to have downloaded the terms and conditions so if anyone has a copy, please could you post here? Thanks.

Scrounger

"You’ll receive the cashback payment within the last 10 working days of the next month, from the date that your last qualifying transfer completes.

The money will be paid into your HL Loyalty Bonus Account. To keep the cashback, all we ask is that you keep your account with us for a year."


Scrounger

DavidT67

Re HL transfer cashbacks.

For myself, they needed a bit of chasing to credit my SIPP transfer payment, still not received ISA transfer payment, both were due at end of April.

For my wife, they credited the SIPP transfer payment in April, but it was less than expected and not as per the advertised tiers on the website, so that one needs further investigation.  Her ISA cashback payment in March was the only one to arrive on schedule and at the expected amount.

vacheron

granta said:

Does anyone know when the HL cashback is payable? My SIPP transfer in completed sometime in February.
I don't seem to have downloaded the terms and conditions so if anyone has a copy, please could you post here? Thanks.

I was just going to post something similar. 

My transfer completed in March, however it is past the last 10 days of April, but there is still no sign of my payment. 

My plan was to chase them up this week. 

granta

Thanks everyone. Seems like HL will be getting a few chaser messages come Tuesday!

artyboy

HL needed chasing from me as initially they suggested I hadn't registered for the cashback. I put them straight on that in no uncertain terms and the money was credited a few days later...

vacheron

vacheron said:

granta said:

Does anyone know when the HL cashback is payable? My SIPP transfer in completed sometime in February.
I don't seem to have downloaded the terms and conditions so if anyone has a copy, please could you post here? Thanks.

I was just going to post something similar. 

My transfer completed in March, however it is past the last 10 days of April, but there is still no sign of my payment. 

My plan was to chase them up this week. 

Followup post. 

After no sign of my £1,500 cashback after thoroughly searching the HL mobile app, I checked out my HL account on the desktop site and found it under the "loyalty bonus" account tab in "My portfolio" which was placed there on the 28th of April.

... not that they sent me any kind of e-mail or even a secure message to let me know it had been paid. 

Plus, it is now actually £1,454.18, because they took it upon themselves to take £45.82 in management fees on the 4th of May which kind of spoils the "roundness" of the withdrawl I was going to make. 
  

granta

vacheron said:

vacheron said:

granta said:

Does anyone know when the HL cashback is payable? My SIPP transfer in completed sometime in February.
I don't seem to have downloaded the terms and conditions so if anyone has a copy, please could you post here? Thanks.

I was just going to post something similar. 

My transfer completed in March, however it is past the last 10 days of April, but there is still no sign of my payment. 

My plan was to chase them up this week. 

Followup post. 

After no sign of my £1,500 cashback after thoroughly searching the HL mobile app, I checked out my HL account on the desktop site and found it under the "loyalty bonus" account tab in "My portfolio" which was placed there on the 28th of April.

... not that they sent me any kind of e-mail or even a secure message to let me know it had been paid. 

Plus, it is now actually £1,454.18, because they took it upon themselves to take £45.82 in management fees on the 4th of May which kind of spoils the "roundness" of the withdrawl I was going to make. 
  

I've been checking that tab but there has been no sign of it, and still nothing today. But I have sent them a message.

artyboy

I see that Nutmeg have just started a new promotion (similar to previous ones) - initiate the transfer in of ISA or pensions before 15th August and get up to £3000 or 300,000 Avios. New and existing customers.

Not really of interest to me, but crossing fingers that others might follow.