Fidelity offers up to £2,000 cashback to customers who switch or fund a Sipp

Fidelity International has launched a limited-time cashback promotion that will pay new customers up to £2,000 if they transfer an existing self-invested personal pension (Sipp) to its platform or make a qualifying lump-sum contribution.

The offer is open to investors who submit a Sipp transfer application before the cut-off date of 10 November or who make a lump-sum contribution into a new or existing Fidelity Sipp. To qualify, customers must add at least £35,000. Transfers or contributions made via an adviser or intermediary are excluded from the programme.

Cashback is tiered according to the size of the transfer or contribution. Transfers of between £35,000 and £49,999 qualify for £200. Transfers of £50,000 to £99,999 receive £300, £100,000 to £249,999 receive £600, and £250,000 to £499,999 receive £1,000. Larger bands pay higher amounts: £500,000 to £749,999 earns £1,250, £750,000 to £999,999 earns £1,500, and transfers or investments above £1 million qualify for the top payment of £2,000. Fidelity says cashback will be paid within 90 days of the offer ending, provided the transfer has been completed.

Georg Bauer, head of Investor Product, Global Platform Solutions at Fidelity International, said the campaign aims to encourage investors to take control of their pension savings. "Retirement planning has never been more important," he said. "Our latest cashback campaign is designed to encourage investors to take control of their pension savings, while also rewarding them for making the most of the benefits a Sipp can bring. With flexible options, a wide range of investments, and dedicated support, Fidelity's Sipp offers the tools and guidance needed to build a stronger financial future."

Sipps are designed to give investors more direct control over pension investments than many workplace schemes and are commonly used by people who are self-employed or who want to build a pension outside employer arrangements. Investors can make contributions up to the current annual allowance — £60,000 — that attract tax relief. A 25% tax-free lump sum has traditionally been available from age 55, although that minimum withdrawal age rises to 57 from April 2028 under current government plans.

The Fidelity offer follows similar cashback promotions from other platform providers. Interactive Investor is currently running a rival deal that also tops out at £2,000 for transfers of £1 million or more, but that promotion closes on 30 September and pays cashback on transfers starting at £10,000. Interactive Investor’s scheme uses fewer tiered increments, meaning some higher transfer amounts attract the same cashback level.

Industry experts and consumer advisers say cashback incentives can be an effective spur to switch providers but warn that headline payments should not be the sole reason to move. Platforms vary in ongoing fees, investment options, customer service and the mechanics of transfer, and those features can have a greater long-term impact on retirement pots than an initial bonus. Consumers are advised to check withdrawal rules, charging structures and the time it will take for assets to move between providers.

Fidelity’s terms require transfers to be completed for payment; customers should also confirm whether funds are invested immediately on arrival or held in cash, and whether any exit charges apply at the current provider. Those considering a switch can consult independent guides and the firms’ published terms and costs to compare offerings before making a decision.

Fidelity’s cashback promotion applies only to transfers or lump-sum contributions made directly by the saver and not routed through advisers. The offer is time-limited and will end on 10 November; payments are due within 90 days after that date subject to completed transfers. Readers seeking further detail can review the full terms and conditions on Fidelity’s website and compare competing offers before acting.