Fidelity SIPP cashback transfer offer - ends October 2024

granta

New offer just out, though the cashback amounts are not as generous as in previous versions.

https://www.fidelity.co.uk/pension-transfer/#cashback-offer

artyboy

Yeah, I was seriously underwhelmed by their last promotion as well, especially given their fees if you're not just holding ETFs. I'm giving this one a miss, but hopefully it's just the start of an autumn round of offers, as with previous years.

granta

I see free trade also have a SIPP transfer incentive on at the moment, 1% cashback which works out better than Fidelity

charlie12525

CMC Invest also have a cashback offer and a no fee deal for a year.
I have initiated a SIPP transfer but customer service very sketchy though. Thinking of cancelling it.

artyboy

CMCs one is more appealing (£1000 for a £100k+ xfr, 12 month holding, paid out by year end), but there is a very odd condition:

9. The Transfer Bonus will be credited to the Eligible Customer's GIA on or before 3 December 2024 and can only be used to place trades on the Application and/or credit a customer's CMC Invest ISA in accordance with the General Terms.

So not sure it's money that can just be withdrawn without trading in and out of a position with it first... to me it almost sounds like the sort of "paid out in free bets" deal you'd get from a bookie!

Whereas freetrade's one is the same old odd 'share' worth 1% - would be interested to understand how that works in practice for anyone that has done it. Is it a whole plus fractional share amount exactly 1% of the transfer? Can it be easily traded out and withdrawn?

cloud_dog

granta said:

New offer just out, though the cashback amounts are not as generous as in previous versions.

https://www.fidelity.co.uk/pension-transfer/#cashback-offer

We are fast approaching R-Date and a large chunk of our early retirement holdings are in CSH2, which Fidelity do not offer!  It is a little annoying as I was thinking of moving one of the SIPPs so as to safeguard access in case of technical/service issues (both with II atm).

artyboy

...and that's pretty poor of Fidelity as well... CSH2 is (I believe) just about the only SONIA tracking option in ETF form - albeit synthetic in nature. I'm holding some of that with HL and Charles Stanley at the moment as an opportunistic hedge against a dip, it's returning more than double CPI so I'm comfortable sitting on it for the moment...

gm0

Yes CSH2 is mildly annoying. 

You can hold "SONIA" MMFs at fidelity but perhaps unsurprisingly in context of fee structure.

They are funds and attract the prevailing % platform fee rate.  As it's a small part of total portfolio

I do so with a grumble.

Abrdn ABICI and Royal London ROSTI are both available.

granta

artyboy said:

CMCs one is more appealing (£1000 for a £100k+ xfr, 12 month holding, paid out by year end), but there is a very odd condition:

9. The Transfer Bonus will be credited to the Eligible Customer's GIA on or before 3 December 2024 and can only be used to place trades on the Application and/or credit a customer's CMC Invest ISA in accordance with the General Terms.

So not sure it's money that can just be withdrawn without trading in and out of a position with it first... to me it almost sounds like the sort of "paid out in free bets" deal you'd get from a bookie!

Whereas freetrade's one is the same old odd 'share' worth 1% - would be interested to understand how that works in practice for anyone that has done it. Is it a whole plus fractional share amount exactly 1% of the transfer? Can it be easily traded out and withdrawn?

Re: freetrade cashback, I had interpreted it as being a cash value that is paid out rather than an equivalent payment in shares. So it could work out as good as the CMC one, minimum holding time of 1 year though

premierfella

Freetrade is indeed cashback under the SIPP transfer offer.

Annoyingly the way the terms for both Freetrade and CMC Invest offers (unless I'm misreading them) it's 12 months clawback of the cashback from December 2024, so more like 18 months locked in, effectively a similar period to Fidelity in practice (so 2 years worth of annual fees for Freetrade or 6 months for CMC Invest after the free 12 months).

I would go for CMC if it wasn't for the annoying restriction on use of the cashback, which is a nuisance if you aren't interested in using an ISA with them.

Albermarle

granta said:

New offer just out, though the cashback amounts are not as generous as in previous versions.

https://www.fidelity.co.uk/pension-transfer/#cashback-offer

I can not be sure, but it looks pretty similar to me to previous versions.
Maybe because others have 'upped the ante' it just looks a bit weaker ?

I notice also that there is not an ISA transfer deal at the same time, because in the past I combined a pension and ISA transfer.

One advantage with Fidelity ( and HL) is that the payout is straightforward, compared to some other cashbacks offered.