Pension switching incentives

artyboy

Just to add to my last post, there doesn't appear to be any minimum retention period for this bonus (other than that it may take up to 6 months to be paid) - from a purely mercenary standpoint, that makes it a bit more interesting. 

And by happy coincidence, I have a (now) ex-employer scheme pot worth about £350k that is in need of moving, because their funds are a bit rubbish. £3k just for leaving it with them for 6 months, well, maybe.

artyboy

Not sure how I missed this one from
Charles Stanley - up to £1500 cashback if you transfer in and hold for a year. 0.35% service fee so can definitely make a turn on this. Will need to get a wiggle on though as transfer requests have to be received by 30 June.

https://www.charles-stanley.co.uk/services/invest/diy/direct-investment/loyalty/offer-terms-conditions

granta

artyboy said:

Not sure how I missed this one from
Charles Stanley - up to £1500 cashback if you transfer in and hold for a year. 0.35% service fee so can definitely make a turn on this. Will need to get a wiggle on though as transfer requests have to be received by 30 June.

https://www.charles-stanley.co.uk/services/invest/diy/direct-investment/loyalty/offer-terms-conditions

The cap for ETF only portfolio is £240 so could still make a profit on the cashback but for me, not worth it for holding funds. And cashback payable after 12 months unlike some of the recent offers.

artyboy

granta said:

artyboy said:

Not sure how I missed this one from
Charles Stanley - up to £1500 cashback if you transfer in and hold for a year. 0.35% service fee so can definitely make a turn on this. Will need to get a wiggle on though as transfer requests have to be received by 30 June.

https://www.charles-stanley.co.uk/services/invest/diy/direct-investment/loyalty/offer-terms-conditions

The cap for ETF only portfolio is £240 so could still make a profit on the cashback but for me, not worth it for holding funds. And cashback payable after 12 months unlike some of the recent offers.

That's a good spot actually, I'm gradually moving towards ETF versions of funds that I'm invested in, so on my £200k transfer, I'd be up net £1260 over 12 months. 

Obviously all the usual 'out of the market' warnings apply, but for in specie transfers, this looks like a good deal if you have the funds to move.

In fact having started putting all my transfers down on a spreadsheet today, it looks like I'll be netting close to £7k over the course of a year. And by 'netting' I mean factoring in actual platform charges versus what I'd be paying if the whole lot was on a much lower cost platform (like II)

Which shows that if you have the funds already invested and are happy to do some legwork, there is serious money to be made - dwarfing current account switching bonuses.

granta

artyboy said:

granta said:

artyboy said:

Not sure how I missed this one from
Charles Stanley - up to £1500 cashback if you transfer in and hold for a year. 0.35% service fee so can definitely make a turn on this. Will need to get a wiggle on though as transfer requests have to be received by 30 June.

https://www.charles-stanley.co.uk/services/invest/diy/direct-investment/loyalty/offer-terms-conditions

The cap for ETF only portfolio is £240 so could still make a profit on the cashback but for me, not worth it for holding funds. And cashback payable after 12 months unlike some of the recent offers.

That's a good spot actually, I'm gradually moving towards ETF versions of funds that I'm invested in, so on my £200k transfer, I'd be up net £1260 over 12 months. 

Obviously all the usual 'out of the market' warnings apply, but for in specie transfers, this looks like a good deal if you have the funds to move.

In fact having started putting all my transfers down on a spreadsheet today, it looks like I'll be netting close to £7k over the course of a year. And by 'netting' I mean factoring in actual platform charges versus what I'd be paying if the whole lot was on a much lower cost platform (like II)

Which shows that if you have the funds already invested and are happy to do some legwork, there is serious money to be made - dwarfing current account switching bonuses.

I've spent the last couple of years moving the core of my holdings into simple ETFs too. This has enabled me to do a few in specie transfers between platforms that have capped fees for ETFs.

Not done a spreadsheet but think I have netted a few 1000 recently with a little more to come. With my ISA, where I hold more unit trust funds, I eventually want to end up in iweb and not pay any fees, but it's been a nice boost earning a few 1000 in playing the transfers game.

And I now have a better understanding and view on which platforms I like. I've been lucky with in specie transfers and not experienced any of the delays reported here. 

artyboy

For anyone interested, Fidelity are now offering cashback on SIPP transfers initiated by the 25th October. Tiered from £100 for a £10k transfer, up to £1500 for a £750k transfer.

Not the most generous IMO, and even if they are paying out within 3 months, they have an 18 month lock in. So unlikely to be taking it up myself, but anyone already considering a move to Fidelity might see it as a nice sweetener...

https://www.fidelity.co.uk/transfer/#accordion-7c19c428

Albermarle

artyboy said:

For anyone interested, Fidelity are now offering cashback on SIPP transfers initiated by the 25th October. Tiered from £100 for a £10k transfer, up to £1500 for a £750k transfer.

Not the most generous IMO, and even if they are paying out within 3 months, they have an 18 month lock in. So unlikely to be taking it up myself, but anyone already considering a move to Fidelity might see it as a nice sweetener...

https://www.fidelity.co.uk/transfer/#accordion-7c19c428

This is Fidelity's standard cashback tiered offer. It has been the same for previous cashback offers for quite a while now.
I think it was one of the more generous ones, but there has been some bigger ones in recent times. 

artyboy

Albermarle said:

artyboy said:

For anyone interested, Fidelity are now offering cashback on SIPP transfers initiated by the 25th October. Tiered from £100 for a £10k transfer, up to £1500 for a £750k transfer.

Not the most generous IMO, and even if they are paying out within 3 months, they have an 18 month lock in. So unlikely to be taking it up myself, but anyone already considering a move to Fidelity might see it as a nice sweetener...

https://www.fidelity.co.uk/transfer/#accordion-7c19c428

This is Fidelity's standard cashback tiered offer. It has been the same for previous cashback offers for quite a while now.
I think it was one of the more generous ones, but there has been some bigger ones in recent times. 

Well yes, compared with

- HL's £1500 for £125k xfr,
- Bestinvest's £1000 for £100k xfr
- Charles Stanley's £1500 for £200k xfr
- Nutmeg's £3000 for £300k xfr

This doesn't look all that great. Obviously all have different fees, funds, lock-ins etc so DYOR, but from a carpetbaggers perspective, I'd say that Fidelity aren't in the same ballpark.

granta

I have a feeling that the Fidelity cashback tiers have changed as I recall receiving £500 for transferring £100k previously and now it would only receive £350. Not a bad deal though if you have an ETF only portfolio but can be bettered by HL in terms of net gain!

Albermarle

granta said:

I have a feeling that the Fidelity cashback tiers have changed as I recall receiving £500 for transferring £100k previously and now it would only receive £350. Not a bad deal though if you have an ETF only portfolio but can be bettered by HL in terms of net gain!

My memory is that I had to combine a part pension transfer and an ISA to reach £150K that paid £500.
That recent HL one came out of the blues and was much higher than any previous ones they offered.
Nutmeg is the best one but you have to transfer in cash, so that 1% cashback could just disappear with market movement.