The Pensions cashback and incentives discussion thread

UncleTomCobley

https://forums.moneysavingexpert.com/discussion/comment/81893708#Comment_81893708

Thanks - I had a quick chat with Freetrade on the 2026 T&Cs and the 7 (b) eligability point in particular. I was told that, above certain minimums, the cashback would be based on - in effect what was transferred/put in minus anything that was taken out. This is mentioned in point 9.

It's not the way I read it, I think 7 overrides 9 but maybe it's me or maybe it's just bad drafting. I've saved the conversation away just in case.

I've also saved away the 2026 T&Cs on the internet archive here

https://web.archive.org/web/20260221123655/https%3A//freetrade.io/legal/2026-tax-year-end-offer

as a record should there be any subsequent alterations.

artyboy

https://forums.moneysavingexpert.com/discussion/comment/81893791#Comment_81893791

Well let's not forget that with bad drafting or ambiguity, the law is very much on the side of the consumer.

However let's hope it never gets to the point where this needs to be tested.

Bemma

FYI: I've just received my 3% cashback on my transfer to Freetrade (£1,500). I was automatically moved to the 'Basic' plan and did not opt out of the downgrade or pay any further fees this year. FWIW, I was previously on the Annual plan and paid £120 last year.

vacheron

Just an update on my progress on the 1% cashback:

My transfer from II to Freetrade completed last week to join the S&S ISA transfer to them from Vanguard which completed a couple of weeks earlier. A bit of delay, paperwork on the II side (including filling in and posting paper forms), but nothing too challenging.

I may transfer my Fidelty SIPP over too now that one has closed out successfully.

One thing to be aware of though for those who signed up before the fee change, is that my credit card company has charged me a cash advance fee and subsequent interest for the £119 annual payment I made for the Freetrade subscription fees prior to the transfer. So it appears that Freetrade may not differentiate fee payments from cash depoists in their product codes to credit card companies. 😐️

easysaver

https://forums.moneysavingexpert.com/discussion/comment/81897380#Comment_81897380

Thanks for the update.

I'm still waiting on my II to Freetrade SIPP transfer which I initiated on 22 January (the date SIPPs were offered on the free plan).I too have had to complete the II paper forms.

Communication from II has been timely, and as I expected I'm having to wait 3 days or so for a reply from Freetrade support.

I just hope my transfer completes soon given my portfolio is at/neat all time highs. That's the downside of % incentives🤣

fizio

Hi - I am in the process of starting to transfer my drawdown SIPP from L&G (ex-employer master trust) to interactive investor (for flexibility and some consolidation as they have my ISA) and they have a cashback but it's not a lot for a 300k sipp. I came across this thread and never considered Freetrade - I have skimmed the 'offer' webpage as per link posted above and there is a lot going on there. I was hoping to find a more straightforward explanation as there seems to be lots of hurdles involved. I am also a bit unsure of Freetrade as they don't really come up when I look at investment platforms with regards to pension so I will have to investigate if they are on a par with II/AJ Bell etc in terms of protection etc as well as fees versus II.

I will probably want to transfer my ISA (100k+) a the same time as don't want to be managing 2 platforms - investments are all low cost tracker etc types.

Just after some 'real' feedback to complement the other 'looking into freetrade' that I will now do..

edit - seems like Freetrade don't support flexi access drawdown as I have already taken my 25% tax free and want to take the occasional lump sum - at least according to Gemini so I will check if Gemini is right.

michaels

https://forums.moneysavingexpert.com/discussion/comment/81897892#Comment_81897892

Gemini is correct (or this was the case when I last looked into it) - until recently they did not support draw down at all but were forced to add UFPLS to be FSA compliant. I general fees seem to be in flux at the moment, with some providers becoming cheaper for funds but pre expensive for ETFs and shares etc

cockerWalker

I have recently had my £1500 for sipp transfer to Freetrade under their offer that ended last August. I've found them to be ok, but can't see me wanting to stay with them for long, with no automatic reinvestment of dividends being the biggest hitch.

Hopefully fidelity will be offering a transfer deal similar to their current one next year, and I'd use that to move to.

artyboy

Yep, my £1500 from Freetrade just hit in the last hour. Interesting that it looks like they staggered payments to different people, rather than it all coming through on the same day.

So that's one down, 2 more to come (including the very chunky one at the end of the year) - they really are being aggressive in upping their AUM…

fizio

Having realised that freetrade don't allow drawdown (not tax-free cash) I am looking at ii as they have just (today) improved their offer for a 300k+ sipp from 200 to £500 and their fees for having ISA/SIPP ETF's are very low. I have my ISA there already and looking to simplify/consolidate

I also happened to notice that H&L are doing a much better cashback and also for ISA to get a double cashback. I was with H&L ages ago is still have my logon but the account fund account shows zero and no ISA or SIPP so O assume I still count as a 'new client. I had disregarded H&L given the 'high fees' fiasco that has been some/many sending clients out but it seems like their fees - if investments are long term hold and only 1 or 2 tracker ETF's - are quite decent. I am going to dig into it a bit more but sceptical that H&L is a good move and I may get stung with other fees in the small print.

I guess my question is, given all the discussion about people exiting H&L, are people also switching to them given the cashback offer and are there any obvious 'sting in the tail' that are in the fine print.