Transfer Sipp from HL to Fidelity

mills112

I am thinking of transferring my SIPP from HL to Fidelity and take advantage of their cashback offer.

I am assuming there will not be any exit fee to pay HL?

Fidelity states that the cashback will be paid 90 days after 05.04.2026, so I can leave after the cashback has been paid should I wish to?

Albermarle

https://forums.moneysavingexpert.com/discussion/6652801/transfer-sipp-from-hl-to-fidelity

Just for the future there is a specific forum for pensions.

Pensions, annuities & retirement planning — MoneySavingExpert Forum

No exit fee from HL .

Point 12 in Fidelity's T's & C's for transfers.

We ask that the assets you contribute or move to us as part of this Offer be held with us for at least 18 months and must not be linked to any adviser or intermediary other than a Fidelity adviser during this period. If you transfer or re-register your assets to another provider within this 18-month period, Fidelity reserves the right to reclaim any Cash Back payment that was made to you as part of this Offer

dunstonh

I am thinking of transferring my SIPP from HL to Fidelity and take advantage of their cashback offer.

Just note that Fidelity is not a whole of market platform. It is a fund supermarket. If you are using funds, that is fine but if you want direct assets, the range will be more limited.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81860689#Comment_81860689

I think the 'Fund Supermarket' is for advisors and workplace pensions.

The retail side ' Fidelity Personal Investing' currently offers nearly 3,000 OEIC funds and 2,500 shares ( including company shares;ETFs and ITs)

silvercar

I’ve done exactly this a few weeks ago. There were no exit fees, though some funds had to be sold rather than transferred.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81861959#Comment_81861959

how long did the transfer take so some of the funds transferred without having to be sold?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81861987#Comment_81861987

I have done Fidelity to HL and in reverse. Both in specie ( so nothing had to be sold) I think in total it was a couple of weeks each time. All the funds were pretty mainstream which probably helped. Delays are usually not caused by the providers, but by fund managers dragging their heels reregistering the provider/owner.

soulsaver

Transfer incentive to Fidelity

I gave this a quick look for the OH:

£100k gets her £1k incentive. Charges @0.35% (up to £250k) for 18months lock in =£525 =gains £475

£200k gets her £1k. Charges @0.35% (up to £250k) for 18months lock in =£1050 =loses £50

£250k gets £1.5k; Charges @0.20%(on the total up to £1m) for 18months lock in = £0.75 =gains £750

£500k gets £1.5k; Charges @0.20%(on the total up to £1m) for 18months lock in = £1.5k =gains £0

That doesn't seem attractive to me, or even sensible at the high end of the tiers?

Am I missing something? ETA 'Yes, see replies..' 😀

ETA corrected charges to 0.20% over all at the £250k cut. And 'Yes, see replies..'

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81863408#Comment_81863408

If you use ETFs instead of funds and the charge is a lot lower.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81863408#Comment_81863408

I transferred my SIPP to Fidelity recently. I am invested only in ETFs. Therefore my annual fees are capped at £90 per year, or £135 for the whole lock-in period.

winkowinko

https://forums.moneysavingexpert.com/discussion/comment/81863408#Comment_81863408

You haven't added the amount that you'd be saving by not paying HL fees over those 18 months.