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Pension switching incentives

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  • artyboy
    artyboy Posts: 1,591 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Well the £1000 from Bestinvest came through today, just in the nick of time for me to sign up for the Fidelity offer (last day today) and grab £350 - which actually nets off to £215 after 18 months of platform fees (£90/year for ETFs), which is the minimum holding period.

    It'll be an in specie transfer so risk free money for me, and it's been a useful lesson that paying a higher service fee doesn't necessarily mean better service!


  • artyboy
    artyboy Posts: 1,591 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Charles Stanley are certainly chasing my money... after my first transfer in (for which I should have £1500 coming in the next few months), they wrote to me asking if I'd like to get more cashback with another transfer.

    Luckily I've got about £120k that's free to move, so that's another £1000 that CS will (eventually) pay me.

    Hargreaves Lansdown is up next... need to time that move right so the money heading there has been with my existing platform long enough that they can't claw back the cashback they paid. Fortunately they are happy to give extensions on both SIPP and ISA transfers.

    At some point you have to assume this will come to an end, but it's a very nice side hustle while it lasts...
  • vacheron
    vacheron Posts: 2,170 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 2 February 2024 at 10:25AM
    artyboy said:
    Charles Stanley are certainly chasing my money... after my first transfer in (for which I should have £1500 coming in the next few months), they wrote to me asking if I'd like to get more cashback with another transfer.

    Luckily I've got about £120k that's free to move, so that's another £1000 that CS will (eventually) pay me.

    Hargreaves Lansdown is up next... need to time that move right so the money heading there has been with my existing platform long enough that they can't claw back the cashback they paid. Fortunately they are happy to give extensions on both SIPP and ISA transfers.

    At some point you have to assume this will come to an end, but it's a very nice side hustle while it lasts...
    Thanks for the heads up, I'll take a look at Charles Stanley. 

    I sent £125k to HL in March last year as this was the threshold for the max cashback payment of £1,500.

    I need to keep it there for a year to meet their cashback T's and C's and have been happy with the platform, but HL's fees are more expensive (about £55 per month) so I don't intend to keep it there long term for this reason.


    EDIT: Hmmm, £1,500 and a 6 month fee waiver for a £200k transfer... sounds appealing! :)  
    • The rich buy assets.
    • The poor only have expenses.
    • The middle class buy liabilities they think are assets.
    Robert T. Kiyosaki
  • artyboy
    artyboy Posts: 1,591 Forumite
    1,000 Posts Second Anniversary Name Dropper
    vacheron said:
    artyboy said:
    Charles Stanley are certainly chasing my money... after my first transfer in (for which I should have £1500 coming in the next few months), they wrote to me asking if I'd like to get more cashback with another transfer.

    Luckily I've got about £120k that's free to move, so that's another £1000 that CS will (eventually) pay me.

    Hargreaves Lansdown is up next... need to time that move right so the money heading there has been with my existing platform long enough that they can't claw back the cashback they paid. Fortunately they are happy to give extensions on both SIPP and ISA transfers.

    At some point you have to assume this will come to an end, but it's a very nice side hustle while it lasts...
    Thanks for the heads up, I'll take a look at Charles Stanley. 

    I sent £125k to HL in March last year as this was the threshold for the max cashback payment of £1,500.

    I need to keep it there for a year to meet their cashback T's and C's and have been happy with the platform, but HL's fees are more expensive (about £55 per month) so I don't intend to keep it there long term for this reason.


    EDIT: Hmmm, £1,500 and a 6 month fee waiver for a £200k transfer... sounds appealing! :)  
    If you know anyone with a Charles Stanley account, then you can also combine this offer with their referral offer - on a £200k transfer, that would also generate another £1000 so it can be very lucrative indeed.

    As for HL - if like me you're only invested in ETFs then their fee cap of £200/year kicks in. I got £1500 out of them last year - this year between me and Mrs Arty transferring both SIPP and ISA, that should get us £5000 🤑
  • One for the keen serial switchers among you who are in touch with the market. Which among HL, II, Fidelity are likely to have an offer in a year's time? For someone who hasn't done this before and has never been a customer of either HL, II or Fidelity which one would you do now first because the offer may not be around this time next year? Which one last because offers are always around?
  • artyboy
    artyboy Posts: 1,591 Forumite
    1,000 Posts Second Anniversary Name Dropper
    expansion said:
    One for the keen serial switchers among you who are in touch with the market. Which among HL, II, Fidelity are likely to have an offer in a year's time? For someone who hasn't done this before and has never been a customer of either HL, II or Fidelity which one would you do now first because the offer may not be around this time next year? Which one last because offers are always around?
    Oh I wouldn't dream of trying to predict this... the old saying of "past performance" etc etc...

    But you have picked out some the main current players in this game - Charles Stanley being another, and then Nutmeg offering something pretty generous every couple of years (if robo investing appeals)

    Ultimately these companies will either decide they have achieved enough market share, or accept that this approach isn't working - and the gravy train will come to a halt. So I'm just doing what I can, for as long as I can, and try not to overcomplicate it by amateur forecasting...
  • michaels
    michaels Posts: 29,090 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 23 February 2024 at 8:13PM
    Not sure if this has been mentioned but FreeTrade have a tiered incentive of up to 1% depending on transfer size, seem to be shares only sipp with free dealing and 11.99 per month/120pa charge.
    Open SIPP - Self-invested personal pension account | Freetrade

    There is also a refer a friend bonus for the basic free share dealing account, think I already have one of the basic ones form a previous offer.

    I think....
  • artyboy
    artyboy Posts: 1,591 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 24 February 2024 at 7:23AM
    michaels said:
    Not sure if this has been mentioned but FreeTrade have a tiered incentive of up to 1% depending on transfer size, seem to be shares only sipp with free dealing and 11.99 per month/120pa charge.
    Open SIPP - Self-invested personal pension account | Freetrade

    There is also a refer a friend bonus for the basic free share dealing account, think I already have one of the basic ones form a previous offer.

    I'm always interested in a new promotion, but I can't see the details of this one anywhere. All it seems to mention is that you get a free share of some sort, but the value is a bit of a lottery...

    Unless what you're saying is that if you transfer in the minimum £10,000 then you will at least get 1% from the minimum share value of £100?
  • michaels
    michaels Posts: 29,090 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 24 February 2024 at 7:16PM
    artyboy said:
    michaels said:
    Not sure if this has been mentioned but FreeTrade have a tiered incentive of up to 1% depending on transfer size, seem to be shares only sipp with free dealing and 11.99 per month/120pa charge.
    Open SIPP - Self-invested personal pension account | Freetrade

    There is also a refer a friend bonus for the basic free share dealing account, think I already have one of the basic ones form a previous offer.

    I'm always interested in a new promotion, but I can't see the details of this one anywhere. All it seems to mention is that you get a free share of some sort, but the value is a bit of a lottery...

    Unless what you're saying is that if you transfer in the minimum £10,000 then you will at least get 1% from the minimum share value of £100?
    Exactly, it is in bands with this slight 'weirdness' that the bonus payment is a share not cash but with zero trading fee, same difference.
    I think....
  • artyboy
    artyboy Posts: 1,591 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 24 February 2024 at 8:37PM
    michaels said:
    artyboy said:
    michaels said:
    Not sure if this has been mentioned but FreeTrade have a tiered incentive of up to 1% depending on transfer size, seem to be shares only sipp with free dealing and 11.99 per month/120pa charge.
    Open SIPP - Self-invested personal pension account | Freetrade

    There is also a refer a friend bonus for the basic free share dealing account, think I already have one of the basic ones form a previous offer.

    I'm always interested in a new promotion, but I can't see the details of this one anywhere. All it seems to mention is that you get a free share of some sort, but the value is a bit of a lottery...

    Unless what you're saying is that if you transfer in the minimum £10,000 then you will at least get 1% from the minimum share value of £100?
    Exactly, it is in bands with this slight 'weirdness' that the bonus payment is a share not cash but with zero trading fee, same difference.
    Ah ok, I assumed it was just luck of the draw as to whether you got a share worth £100 or anything up to £2100 (I think Trading212 did a similar promotion?) - I didn't see anything that set out the bands depending on how much was transferred. 

    Bit of an odd one really! And definitely wouldn't have worked for me in my old job where I wasn't allowed to hold single stocks...

    ETA... ok, I just found the banding in the FAQs - £1200 for a £160k+ xfr isn't a bad deal. I'm running out of things to move right now as I have some tie-ins, but I'll add this one to my watchlist for future promotions, thanks!
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