Fidelity offering up to £1,500 cashback to savers who transfer into its SIPP

2nd November 2015


Fidelity Personal Investing is offering a cashback sweetener of up to £1,500 to investors who move their pension savings into its SIPP before 18 December 2015.

The group, in a bid to attract investors who have a number of different pensions and are looking to transfer them to one place, said depending on the amount transferred, customers could earn between £250 and £1,500 cash back (see table).

But in order to be eligible for the deal, savers must transfer a minimum of £100,000.

Those who switch between £100,000 and £199,999 will receive cashback of £250 but to get the maximum £1,500, you must transfer at least £500,000.

The offer is open to both new and existing customers. Fidelity will also pay up to £500 in total exit fees, imposed by current pension providers as standard.

Customers who wish to check any small print on their pension pots can also have an initial free chat with Fidelity’s Retirement Service before switching.

Total value transferred Cashback
£100,000 to £199,999 £250
£200,000 to £299,999 £500
£300,000 to £499,999 £1,000
£500,000 and over £1,500

Jonathan Hewitt, head of personal investing at Fidelity International said: “By encouraging savers and retirees to bring their pension pots together, Fidelity customers would not only benefit from the cash back but also the opportunity to leave schemes with high exit charges.

“For those customers who wish to access the new pension freedoms, this is particularly relevant. There is more choice than ever before yet the freedoms have not been uniform with some retirees coming up against exit charges, restrictions on how they access their monies or realising that their pots have a variety of charges; some of which are costly.

“Consolidation can be very beneficial as it allows savers and retirees to organise their finances, avoid duplicate charges and, in turn, help them plan for the future.”


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