Pension switching incentives

granta

Albermarle said:

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.

Yes, bad recall on my part! I last did one in September 2022 and received £300 for the £100k transfer and it was £500 for £150k +
The HL one was the best I've seen as received £1500 for £125k! And only 12 month tie-in.

Also, ii currently have a SIPP cashback promotion

L9XSS

In the process of moving 150k to the HL SIPP (I took advantage of the 6 month extension in March) to qualify for the £1500 incentive.

jim8888

Just noticed Fidelity are running a cash back offer if you transfer into a SIPP with them. The cash varies with the amount you transfer, but I have a small pension from a short term of employment, and this is probably worth moving over. 

TimSynths

Pension Transfer | SIPP Transfer | Transfer Pension to SIPP (fidelity.co.uk)

Costabit

Does anybody know if Fidelity will give cashback on a partial SIPP transfer or does it need to be the full amount ?

gm0

Fidelity will happily take a partial transfer in. 
Which is what I did.  Not in this latest cashback offer window but a previous one.

You ask them to make the request for a fixed amount and make sure it says partial all over any written instructions.  For clarity later if there is a screw up.

There is the usual mild risk of finger trouble when they do admin on Origo or print out paper forms for some older provider. 

If you want you can liquidate to cash at old provider at your chosen moment with an investment switch.
And then drop the transfer request at Fidelity to move the cash.

But that relies on your old provider taking the "cash" first - which they unhelpfuly may not. 

Some will by default preserve the contemporary asset allocation and draw across all funds to liberate the partial transfer cash.  And reading detailed instructions doesn't always happen.  So probably not worth it.

granta

Costabit said:

Does anybody know if Fidelity will give cashback on a partial SIPP transfer or does it need to be the full amount ?

They allow partial transfers in but only for cash transfers. In specie transfers can only be done for the FULL amount which has always been my preference to mitigate market movements.

artyboy

Fidelity's offer wasn't exactly getting me excited, given the relative cashback to investment, versus their service and dealing fees (at least on smaller pots). But if you wanted to use them anyway then I guess it's a nice sweetener...

michaels

DW and I both just pocketed £600 from Best Invest (plus another £200 each for putting £1k in a sipp for 6 months).

Anyone any suggestions for where next for most benefit for pots worth around 60k?  Probably looking to end up in II but happy to take a long route to get there

Thanks

artyboy

michaels said:

DW and I both just pocketed £600 from Best Invest (plus another £200 each for putting £1k in a sipp for 6 months).

Anyone any suggestions for where next for most benefit for pots worth around 60k?  Probably looking to end up in II but happy to take a long route to get there

Thanks

Nice! I got the confirmation from Bestinvest that my transfer earlier this year has qualified for £1000 cashback, so just waiting for that to hit my bank account. I already made £225 out of TCB for opening new SIPP and ISA accounts with them and putting £1k into each.

I'll be ditching them afterwards and moving on, they are not worth the fees to me. So I'll take a look and see what offers are on the table. Like you, I think it will all end up with II, but it can go round the houses. And I've already got a partial SIPP transfer heading their way that will make me another £200. It looks like they run regular incentives so, drip, drip, drip...