Pension Transfer Bonus/Bribe

michaels

I know we had a thread on this a while back but couldn't find it in a search.

I have about 65k in a legacy employer SE pension which I need to move as the fees are excessive.  Most of my pot is with II.

I was wondering if I could move it indirectly to II to take advantage of any sign up/transfer bonuses with other providers on its way to II.  Is in an SW fund so will need to be moved in cash for the first move but hopefully after that is could just be moved whilst in funds.

Suggestions?

artyboy

That would have been me...

https://forums.moneysavingexpert.com/discussion/6426220/pension-switching-incentives#latest

II, Bestinvest, HL and AJ Bell were the ones that had the incentives - but II wasn't the most generous by far (though they have low fees which would explain it). 

That said if you're already with them, it might be the best option for you. For a 65k transfer, you'd get £200 cashback, but you need to get the move started by the end of April!

Alternatively, you could move it to Bestinvest and get £600 cashback (better still if you have £1000 new money to spare, open a new SIPP via TCB and get £130 cashback there, then start the transfer). Depends how much work you want to put in. And bear in mind that Bestinvest's fees are higher, so you'd need to compare that to II to see what your 'net' gain would be if you held you pension there for 6 months.

Albermarle

These transfer offers normally have a fixed offer period, so they come and go at regular intervals. As well as the ones mentioned, Fidelity also offer them on a regular basis.
Normally there is a tie in of 12 to 18 months. So if you move out too quick they reserve the right to clawback the cashback.
Some just simply pay it into your account, for others you have to go via a cashback site. Sometimes just vouchers are offered.