Cashback Offer – terms and conditions
This Cashback Offer (the “Offer”) is available when you apply to transfer your pension(s), ISAs or other investment account assets between 31st July 2020 and midnight on the 27th November 2020.
- The promoter of this offer is Financial Administration Services Limited (“Fidelity”), Beech Gate, Millfeld Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.
- Subject to section 5, the Offer is available to anyone who completes a transfer of their assets from other providers to Fidelity Personal Investing. This offer is not open to those that transfer via an adviser or intermediary. To transfer assets you must submit a correctly completed form online or by paper.
- Cashback will be paid in the amounts noted in the table in section 9. If you transfer less than £10,000 you will not receive any cashback. The minimum transfer value is £1,000 unless the transfer is from another provider and you’re immediately going to start taking money from it, then the minimum is £50,000.
- The following types of transfer will qualify for the Offer:
a. Cash transfer within ISAs and pension products – If you transfer in cash within ISAs and pensions, the provider you are transferring from will sell your investments and send the proceeds directly to us. We will hold them as cash within your account until you decide what you would like to invest in.
b. Re-registration – this involves a change to the fund or share register to show that Fidelity has taken over the administration of your investment/s. We can re-register your investments if the same investments are available through our Investment Platform, and they are able to be re-registered*. If you hold a particular share class of an investment that we do not offer, we will sell your investment after we re-register it and move the proceeds into a share class that is available on Investment Platform. This switch can take up to two business days, and your money will not be invested during this time. If you hold an investment that is not available through our Investment Platform or is otherwise unable to be re-registered* it will only be able to be moved to us as a cash transfer (see above) if it is held in a Pension or ISA. If the cash transfer is not within a pension or ISA, that amount will not count toward your total for the Offer. A re-registration does not count as a “disposal” for capital gains tax purposes, even if we switch your investment into a different share class. Please note that the minimum SIPP re-registration value is £1,000.
* Re-registration is not available for some products on the Fidelity Investment Platform. For example, a number of offshore funds cannot be re-registered.
- This Offer excludes:
a. transfers of assets held in a product/account provided or administered by any company within Fidelity’s group of companies including, without limitation, transfers from the EBS SIPP and the Fidelity Personal Pension, or FundsNetwork SIPP, provided by Standard Life;
b. transfers of assets currently held through Fidelity FundsNetworkTM;
c. transfers from any defined contribution pension scheme investments held through, or administered by, a Fidelity group company;
d. transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions;
e. advised or intermediated transfers;
f. transfer of Junior SIPPs; and
g. the lodgement of certificated shares
- The Offer will also not apply to assets that are currently held in a product/account provided or administered by any company within Fidelity’s group of companies which are transferred to another provider and then moved to Fidelity Personal Investing.
- Any other new investment will not qualify for the Offer.
- Any transferred assets will be subject to the applicable client terms for the product your assets have been transferred to.
- The value of your cashback payment will be determined by the total value of your eligible transferred assets on completion of the final transfer, as set out in the table below.
Total transfer value
£10,000 - £24,999
£400,000 - £499,999
£500,000 or over
Cashback payments will be sent to you within 90 days after the closure of the Offer (27th November 2020). If your transfer has not completed by then, we will pay within 90 days after the completion of your last eligible transfer. The cashback payment will be paid into a Cash Management Account (CMA) which we will open on your behalf to enable us to facilitate this payment to you. The CMA is a separate account in your name that helps manage cash, currently for the purpose of paying cashback to you and will appear on your account summary online. The cash can be kept in your Cash Management Account for fee collection, withdrawn or moved into whichever Fidelity Personal Investing account you choose. If moved into an ISA or SIPP, it will count towards your annual allowance.
We ask that the assets you move to us as part of this Offer be held with us for at least 18 months after the completion of the transfer and must not be linked to an adviser or intermediary during this period. The 18-month period starts on the date that the last transfer is settled on your account. If you transfer or re-register your assets to another provider within this 18-month period, Fidelity reserves the right to reclaim any cashback payment that was made to you as part of this Offer. Fidelity may do this by withholding an amount prior to transferring or re-registering your assets to another provider. We will not reclaim the cashback amount from assets within a SIPP, other pension or ISA. Withdrawals from your account/s or income payment will not count as transfers for the purposes of this condition and will not result in our reclaiming your cashback payment.
We promote offers on a regular basis. However, it is important that you take enough time to decide whether transferring your investment(s) to us is right for you. If you need more time and wish to qualify for the offer, please wait until the next offer period.
Issued by Financial Administration Services Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and the F symbol are trademarks of FIL Limited.