Fidelity offers cashback on pensions

Fidelity offers cashback on pensions

Fidelity International will offer cashback of up to £1,500 for investors who move their pension portfolios to the platform.

Those who consolidate their pension savings to the fund supermarket before 1 September will earn between £100 and £1,500 depending on how much they transfer.

Investors must transfer a minimum of £50,000 in retirement savings to qualify for the offer. Those who move more than £750,000 will earn the top pay-out.

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The firm will also reimburse up to £500 to cover any exit fees charged by the investors’ existing provider.

Jonathan Hewitt, head of personal investment at Fidelity International, said: “Over your working life, the chances are that you’ll have worked for a number of employers and built up several pension pots as a result.

“A Sipp can be a useful vehicle to consolidate all these pots into one place.”

He warned investors to check the small print before they transfer their pensions, however, in case there are any charges or penalties for moving the account.  

Andrew Zanielli, senior technical consultant at Ascentric, said: “If you are considering transferring your pension it is vital to check for any hidden fees and it is important to bear any costs a new provider charges in mind, because they can eat into your savings over the years.”