Transfer your ISAs

This Cashback Offer (the “Offer”) is available when you apply to transfer your pension(s), ISAs or other investment account assets between 25 June 2019 and midnight on 17 September 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. 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 £25,000 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.

Please also note that share dealing is available within a SIPP for all new to Fidelity customers and existing Fidelity SIPP holders if you have received a letter from us saying that you have been moved to our new administration system. Existing Fidelity SIPP holders who have not received this letter will, therefore, not have share dealing available to them and so will not be able to qualify for cashback in relation to the transfer of shares from another pension.

• 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;
  5. advised or intermediated transfers;
  6. transfer of Junior SIPPs;
  7. the lodgement of certified shares; and
  8. pension transfers of company shares by existing Fidelity SIPP holders who have not yet received a letter from Fidelity Personal Investing saying that you have been moved to our new administration platform.
• 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 within 90 days after the closure of the Offer (17 September 2019). 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 cashback can be withdrawn from your CMA straight to your bank account by logging into your online account.
• 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 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.

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.

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)

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.