Fidelity cashback offer for SIPP transfers

incus432

Cashback offer from 2/12/24 to 1/4/25 for transfers in 

£500 (50k-75k) up to £2500 for >1 million

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

Their platform fees are 0.35% up to 250k, 0.2% above (on whole pot I think). 

Capped at £90 pa for ETF pots  (please check)

Albermarle

incus432 said:

Cashback offer from 2/12/24 to 1/4/25 for transfers in 

£500 (50k-75k) up to £2500 for >1 million

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

Their platform fees are 0.35% up to 250k, 0.2% above (on whole pot I think). Correct

Capped at £90 pa for ETF /shares and Investment Trusts pots  (please check) Correct and also covers all funds on the platform. So SIPP + ISA - still max £90 overall

I am sure they had a cashback offer quite recently, but it seems to have been relaunched.
The cash back at the 'lower' end looks pretty good e.g. £1000 for a minimum £100K, but significantly less generous in % terms as you go up the scale.
When I first transferred some funds to Fidelity , I 'only' got £500 for £150K ( I was looking for a new provider anyway)

Last year I moved my ISA from Fidelity to HL for a £1000 cashback. I wonder if Fidelity would pay me a Grand for returning it once the 12 months with HL is up.? Or reject me as a carpetbagger ?

Rattusnorvegicus

I think i'd rather stay invested for the santa rally...

Given the costs and hassle of transfer, it would take me 6 months to eat through the cashback, and then i'd be stuck with significantly higher fees.

If they add an extra 0 to the end of the cashback. then i may look again. Thats a no from me, but thanks.

kinger101

I did a transfer from HL to Fidelity in specie which only took a few weeks.  This gets rid of the being out the market problem.

Would do my SW pension but as there is no IS option for this, decided against as was concerned about the time out the market.

The £90 etf cap is across all platforms too, which is great if you have ISA and SIPp.

incus432

Rattusnorvegicus said:

I think i'd rather stay invested for the santa rally...

Provided Fidelity do the same funds as you in, you could do it in specie so are never out of the market. 

Personally I am very happy in AJBell although a free grand is tempting. They'd require me to speak to one of their team first (as i have taken some income and TFC already) so is it worth the faff?

incus432

Albermarle said:
Last year I moved my ISA from Fidelity to HL for a £1000 cashback. I wonder if Fidelity would pay me a Grand for returning it once the 12 months with HL is up.? Or reject me as a carpetbagger ?

I don't see anything in the small print that would rule you out!

One question I have is do Fidelity allow gilts and bonds to be held in the SIPP? No mention in their search pages

Albermarle

Rattusnorvegicus said:

I think i'd rather stay invested for the santa rally...

Given the costs and hassle of transfer, it would take me 6 months to eat through the cashback, and then i'd be stuck with significantly higher fees.

If they add an extra 0 to the end of the cashback. then i may look again. Thats a no from me, but thanks.

When I transferred my ISA to HL, I did it in specie , so my ETF's and IT's were never out of the market. The transfer took less than 3 weeks at zero cost.
I pay HL £45 per year in platform fees, whilst they gave me £1000.

If I move it back to Fidelity, it will be the same. Another £1000 and very low platform fee as my ISA is not invested in OEIC's.

Money for nothing !

Albermarle

incus432 said:

Albermarle said:
Last year I moved my ISA from Fidelity to HL for a £1000 cashback. I wonder if Fidelity would pay me a Grand for returning it once the 12 months with HL is up.? Or reject me as a carpetbagger ?

I don't see anything in the small print that would rule you out!

One question I have is do Fidelity allow gilts and bonds to be held in the SIPP? No mention in their search pages

I do not hold any individual gilts and bonds, so I am not sure. Presume they do, but although they have a lot of investments to choose from, they tend to not have quite the full coverage that HL have. 

artyboy

This is definitely better than the previous Fidelity offers I've seen. The £1000 for £100k is probably the sweet spot, and the 18 month retention with payment by end of July 2025 latest (assuming transfers completed 90 days earlier) isn't that off putting.

For once I'll have to pass just because my other pensions are already tied up with retention periods, but otherwise I'd probably have gone for it. Next time...