Lloyds offering up to £5k cashback for a pension transfer

dharm999

Lloyds offering up to &5k cashback for a pension transfer, looks an ok offer. Fees capped at just over £200 a year (plus fund fess if relevant) if you go down the self managed route. Details here

https://www.lloydsbank.com/landing/pension-transfer-cashback-offer.html

Looks like a wide selection of funds, shares, ETFs and gilts to choose from.

Yorkshire_Dangermouse

…and to get £5k cashback you only have to transfer a £2m pension to them…. 🤨

dharm999

it’s not as generous as the Freetrade offer, 1% cashback/max £5k, but it’s not bad given the fee cap if you diy and max 6 month tie in if you leave the transfer initiation to end of November.

Albermarle

I get a bit confused with LLoyds group.

They offer pensions via - Scottish Widows+ Iweb Share dealing ( via Embark) + Halifax SIPP ( via Embark) + Lloyds themselves ( or is this actually the rebranded Halifax one effectively ?)

The cashback offer for more 'normal ' amounts i.e £100K to £500K is similar to that offered by other providers recently, like Fidelity and others.

Plus

• you have to hold or open a Lloyds, Halifax or Bank of Scotland personal bank account

And of course

• no cash back if the transfer is from an existing Lloyds, Halifax, Bank of Scotland or a Scottish Widows – Ready-Made Pension or Self-Invested Personal Pension.

dharm999

Agreed that there are a few more conditions than other offers. I’m considering it for a transfer from II, the annual fees would be higher, but given the relatively short tie in, and wide selection of investments if you DIY, it’s worth looking at for me. Having a current account isn’t an issue for me, I have a regular saver with Lloyds already, so adding a current account and opening the SIPP I can do within the app. My SIPP value is just over the £500k mark, so £3k in cashback less the marginal increase in fees and minimal effort to open a current account is worth the hassle for me.

mrklaw

up to doing a lot of work. I’m not sure someone with £2m in a SIPP is going to move platform just for this

I did transfer to fidelity for a 1% but I was looking for a SIPP already. What was nice was they paid the £1000 as cash which then put into the SIPP so it was actually £1250

Hal17

This looked like an opportunity to move my small Vanguard Pension, unfortunately you cannot transfer if your current pension is in drawdown.