Moneybox Pensions

hoggysterling · 31 October 2019 at 4:23PM

Hey

Not sure if this is the right place, but did anyone receive an email from Moneybox regarding their pension scheme?

"We’ve got some BIG news… we’re giving you the opportunity to become a Moneybox Shareholder! 🎉

For the first time, we’re offering free Moneybox shares to our community. It's a bit like crowdfunding but instead of paying for your shares, you just need to transfer one or more of your old pensions to us by 30th November.

Log in now to get started
Over the last few months, we’ve helped our early pension beta customers find and consolidate thousands of old pensions, worth an average of £10,000 each!

We are now excited to be rolling out our pensions beta to the wider Moneybox community - everyone with the latest version of the app can participate. You will see two new cards in your Accounts tab which will allow you to register for shares and transfer in your old pensions all from within the app. 📲".

What's everyone's thoughts? I have pension with standard life & an old one with NEST.

I might change my NEST one to Moneybox.

[Deleted User] · 31 October 2019 at 4:47PM

I would be extremely cautious about brand new products from “no name” brands in general and junk emails in particular. Their pitch does not inspire. They want people to spend their whole pensions on “crowdfunding”? Do you like playing Russian roulette? Then go for it; there is a 1 in 1000 chance you’ll end up rich.

Gary1984 · 31 October 2019 at 4:48PM

I wouldn't. NEST ongoing charges are 0.3% vs estimated 0.68% for Moneybox + £12 p.a.. NEST has quite a high initial charge of 1.8% for money on the way in but the ongoing 0.3% ongoing is very competitive. Transferring out after having already paid the initial 1.8% seems like the worst of both worlds.

How much do you have in NEST and what's the value of shares moneybox are giving you? (Not that you should let the free shares sway you - there's a good chance they'll be worthless in the long term)

EDIT: - I may have misunderstood their offer. Do they mean they want you to transfer a pension to them and then invest it 100% in Moneybox Shares? If so AVOID! Swapping the security of a diversified NEST fund for a single unproven company's shares would be madness.