Cash Back Offer – terms and conditions
This Cash Back Offer (the “Offer”) is available when you apply to transfer your pension(s), ISAs or other investment account assets between 29th December 2017 and 2nd March 2018
1. The promoter of this offer is Financial Administration Services Limited (“Fidelity”), 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ.
2. Subject to section 5, the Offer is available to anyone who completes a transfer of their assets from other providers to Fidelity Personal Investing. To transfer assets you must submit a correctly completed form online or by paper.
3. Cash back will be paid in the amounts noted in the table in section 9. If you transfer less than £50,000 you will not receive any cash back.
4. 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 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.
* Re-registration is not available for all products available on the Fidelity Investment Platform, for example, some offshore funds are unable to be re-registered
5. This Offer excludes:
a. transfer of Exchange Traded Instruments (including Company shares, Corporate Bonds and UK Government bonds, Exchange Traded Funds and Exchange Traded Commodities, Investment Trusts, and CREST Depository Interests)
b. 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;
c. transfers of assets currently held through Fidelity FundsNetworkTM;
d. transfers from any defined contribution pension scheme investments held through, or administered by, a Fidelity group company;
e. transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions; and
f. advised transfers.
6. 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.
7. Any other new investment will not qualify for the Offer.
8. Any transferred assets will be subject to the applicable client terms for the product your assets have been transferred to.
9. The value of your cash back 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. Note: The minimum SIPP re-registration value is £50,000.
|You transfer||We pay you|
|£500,000 or over
10. Cash back payments will be sent to you after the closure of the Offer (2nd March 2018) and up to 90 days after the completion of your last eligible transfer. We will endeavour to make cash back payments by BACS transfer directly to your bank/building society account if we already hold your details. If we do not have bank details registered for you for the SIPP, a cheque will be sent to the address registered on your account. (For example if we have bank details registered for an existing ISA but not your SIPP, if you are due a cash back, we will send you a cheque for this - we are not able to send your cash back for your SIPP to the bank account registered on your ISA account.) The time it takes to complete a transfer will depend on your current provider(s). The money will be due to you at the point we issue payment.
11. The assets you move to us as part of this Offer must be held with us for at least 18 months after the completion of the transfer and must not be linked to an adviser 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 cash back 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 cash back 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 cash back payment.
We promote pension transfer cashback offers on a regular basis. However it is important that you take enough time to decide whether transferring your pension to us is right for you. If you need more time and wish to qualify for the cashback 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.