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Hargreaves introduces 0.5% Sipp ‘loyalty bonus’

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Hargreaves Lansdown is introducing a 0.5 per cent a year “loyalty bonus” for its 120,000 Sipp investors.

Hargreaves says the bonus will be available on over 1,000 investment funds from January next year and will increase the value of clients’ pension pots by £6m in the next 12 months.

Pensions managing director Alex Davies says: “Hargreaves Lansdown already provides over £200m a year in discounts and rebates to clients.

“Technology improvements and greater economies of scale mean we can now bring our Sipp discounts up to the same level as our Isa. In doing so we expect to boost our clients’ pensions by £6m in the next year.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. either smacks of systems inabilities to reduce charges or marketing. either way they are on the slide

  2. The 0.5% mentioned in the article is a bit misleading. As per their ISA the rebates are mostly in the 0.1-0.2% range in practice..

  3. This is classic spin. What this actually means, is that disclosure regs will make it transparent to customers that HL have been taking a huge slice of any fund manager rebates, which they will now have to give up.

    They are giving back most of what they should not have been taking in the first place.

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