Transfer your ISAs

Make sure you have the following information with you:

• Debit card details (for a single payment)
• Bank or building society details (if you’re planning on setting up a regular savings plan)

This Cashback Offer (the “Offer”) is available when you apply to transfer your pension(s), ISAs or other investment account assets between 28 December 2018 and midnight on 1 March 2019

• The promoter of this offer is Financial Administration Services Limited (“Fidelity”), 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ.
• 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.
• 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:
  1. 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.
  2. 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. 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.

You should also note that Company shares are not yet available for all Fidelity SIPP holders and are not eligible for this offer within a SIPP. Please note that this does not affect Investment Trusts within a SIPP which are eligible for the cashback offer. Nor does it affect the re-registration of company shares in a Fidelity ISA or Investment Account, which are eligible for cashback and available to all new and existing customers.

• This Offer excludes:
  1. 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;
  2. transfers of assets currently held through Fidelity FundsNetwork^TM;
  3. transfers from any defined contribution pension scheme investments held through, or administered by, a Fidelity group company;
  4. transfers of any defined benefit, safeguarded benefit or otherwise guaranteed pensions; and
  5. advised transfers.
• 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.

• Cashback payments will be sent to you after the closure of the Offer (1 March 2019) and up to 90 days after the completion of your last eligible transfer. We may open a Cash Management Account (CMA) 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. This cash account will appear on your account summary online. We will endeavour to make cashback 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 cashback, we will send you a cheque for this - we are not able to send your cashback 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.
• 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 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 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.

In order to request exit fees re-imbursement you will be required to complete an exit fees re-imbursement form, or request over the phone by calling us on 0333 300 3351.

Terms and conditions for re-imbursement of exit fees

Fidelity will reimburse the exit/redemption fees charged to a customer by their former provider/s when they move their investments (minimum of £1,000) to Fidelity, up to a maximum amount of £500 per customer.

An exit fee is an administration charge which is imposed by the former provider and arises directly as a result of processing the transfer or re-registration of the customer’s investments to Fidelity. Fidelity will not reimburse the customer for any loss of investment returns, loss of interest, dealing charges, penalties for transferring investments before their maturity dates or any other charges associated with your transfer or re-registration.

Where a re-registration or transfer is not possible and the customer chooses to sell their investments held through another provider and subsequently make new investment/s (minimum £10,000) through Fidelity, Fidelity will cover any account closure fees charged by the customer’s former provider (excluding any dealing charges) of up to £500 per customer. Fidelity will not cover any bid-offer spreads or any capital gains tax liability arising as a result of these transactions.

Exit and account closure fees reimbursement must be claimed within a 6 month period from date of transfer of the customer’s investments to Fidelity. Exit fees will be reimbursed for transfers and re-registrations and account closure fees will be reimbursed provided the conditions above are met. Products included: ISAs, PEPs, Unit Trusts, OEICs, SICAVs, Fidelity Personal Pension, EBS SIPP and the Fidelity SIPP. Products excluded: ShareNetwork.

To qualify for the reimbursement, the fees from the customer’s former provider must have been triggered as a direct result of the transfer or re-registration to Fidelity, or the closure of an account where the customer has subsequently (within 6 months) invested at least £10,000 through Fidelity. If the customer is transferring investments to more than one provider from their former provider at the same time, Fidelity will only reimburse the fees which are incurred as a result of direct transfer or re-registration to Fidelity. Other fees or charges unconnected with the transfer will not be reimbursed.

The completed Exit Fee Reimbursement Form and documentary evidence of the charge will need to be provided in order for the exit fees to be reimbursed to the customer. To claim the reimbursement of any account closure fees, documentary evidence of the closure fee levied will need to be provided to Fidelity, along with confirmation that a minimum of £10,000 has been invested with Fidelity within 6 months of incurring such closure fee.

The documentary evidence referred to above, must be either a copy of the charge confirmation letter from the former provider or a statement showing the charge being deducted.

Payment will be made to the customer by BACS when a bank mandate is held on the account. Alternatively, payment will be made by cheque.