Nutmeg generous transfer cash offer

Albermarle

Nutmeg are offering up to £3,000 as an incentive to transfer to them, which is the highest I have ever seen.
Although their fees are not the cheapest ( typically 0.6% to 0.9% ) this is still pretty tempting. Especially as there seems to be no restriction on transferring back out again, once the cash is in your account after 6 months.
Nutmeg | Transfer Offer - Nutmeg

Marcon

Albermarle said:

Nutmeg are offering up to £3,000 as an incentive to transfer to them, which is the highest I have ever seen.
Although their fees are not the cheapest ( typically 0.6% to 0.9% ) this is still pretty tempting. Especially as there seems to be no restriction on transferring back out again, once the cash is in your account after 6 months.
Nutmeg | Transfer Offer - Nutmeg

But it's a minimum transfer value of £5,000 and what you get depends on how much you transfer. Up to £10,000 is only £25 - you need to transfer at least £300,000 to get the £3,000 boost.

Albermarle

Marcon said:

Albermarle said:

Nutmeg are offering up to £3,000 as an incentive to transfer to them, which is the highest I have ever seen.
Although their fees are not the cheapest ( typically 0.6% to 0.9% ) this is still pretty tempting. Especially as there seems to be no restriction on transferring back out again, once the cash is in your account after 6 months.
Nutmeg | Transfer Offer - Nutmeg

But it's a minimum transfer value of £5,000 and what you get depends on how much you transfer. Up to £10,000 is only £25 - you need to transfer at least £300,000 to get the £3,000 boost.

But the point of interest is that it is double even the last cashback offer from HL, and that was significantly more than others have offered previously. Sounds like they are all after market share quite aggressively.
The main problem with the Nutmeg offer is that they only use their own funds, so you would have to transfer in cash and you could easily lose ( or gain) more than £3000 due to market movements during the cash transfer.

arnoldy

Halifax SIPP is £180pa. So 0.06% pa on £300k. It won't take much time for Nutmeg to siphon off loads of money at 0.6 - 0.9% [£18,000 - 27,000 over 10 years]. Those charges seem extraordinarily high to me.

Albermarle

arnoldy said:

Halifax SIPP is £180pa. So 0.06% pa on £300k. It won't take much time for Nutmeg to siphon off loads of money at 0.6 - 0.9% [£18,000 - 27,000 over 10 years]. Those charges seem extraordinarily high to me.

The 0.6% to 0.9% includes all investment fund charges. Remember they are also a robo provider, so I guess a bit is added on for the very basic financial advice they give.
In any case presumably any body savvy enough would transfer back out again quite quickly, maybe even to the next Sipp provider offering a cashback.

retiringtoosoon

Minimal gains for not insignificant market risk tbh

artyboy

Albermarle said:

Nutmeg are offering up to £3,000 as an incentive to transfer to them, which is the highest I have ever seen.
Although their fees are not the cheapest ( typically 0.6% to 0.9% ) this is still pretty tempting. Especially as there seems to be no restriction on transferring back out again, once the cash is in your account after 6 months.
Nutmeg | Transfer Offer - Nutmeg

Ahem, a bit late to the party aren't we... 

https://forums.moneysavingexpert.com/discussion/6426220/pension-switching-incentives#latest

The lack of retention is what is swinging this for me. Plus the fact that I'm on a favourable rate with Nutmeg and have an old scheme that I could only transfer out in cash (so out-of-the-market risk is unavoidable wherever it goes).

Worth it as far as I'm concerned...

Albermarle

artyboy said:

Albermarle said:

Nutmeg are offering up to £3,000 as an incentive to transfer to them, which is the highest I have ever seen.
Although their fees are not the cheapest ( typically 0.6% to 0.9% ) this is still pretty tempting. Especially as there seems to be no restriction on transferring back out again, once the cash is in your account after 6 months.
Nutmeg | Transfer Offer - Nutmeg

Ahem, a bit late to the party aren't we... 

https://forums.moneysavingexpert.com/discussion/6426220/pension-switching-incentives#latest

The lack of retention is what is swinging this for me. Plus the fact that I'm on a favourable rate with Nutmeg and have an old scheme that I could only transfer out in cash (so out-of-the-market risk is unavoidable wherever it goes).

Worth it as far as I'm concerned...

I have done a couple of transfers, but had missed this one.
As mentioned though, the market risk is quite high. A £300K transfer in cash could easily lose £10K ( and more)  if the market dropped. Same when you transfer it back again. Or you could win.
A gamble with a £3K buffer . As Clint Eastwood said ' Are you feeling lucky punk' 

Pat38493

I got an email from II this morning which seemed to also claim they are offering up to 3K cashback for transfers in (pity as I did one only a few weeks ago and now I don't have another one to transfer).

Doctor_Who

Pat38493 said:

I got an email from II this morning which seemed to also claim they are offering up to 3K cashback for transfers in (pity as I did one only a few weeks ago and now I don't have another one to transfer).

Although you need to transfer £1M+ to get £3K. I transferred from HL to II many years ago and, due to all of the hassle, vowed to never transfer again! Maybe processes have improved, but having funds in limbo for months didn't seem very satisfactory to me!

Pat38493

Doctor_Who said:

Pat38493 said:

I got an email from II this morning which seemed to also claim they are offering up to 3K cashback for transfers in (pity as I did one only a few weeks ago and now I don't have another one to transfer).

Although you need to transfer £1M+ to get £3K. I transferred from HL to II many years ago and, due to all of the hassle, vowed to never transfer again! Maybe processes have improved, but having funds in limbo for months didn't seem very satisfactory to me!

I transerred a pension from Aviva to II recently and it took about a week (or maybe a day or two longer).  It was moved to cash first by Aviva but they took care of all the details - went very smoothly.  

On the other hand if it's an inspecie transfer I guess it will take a lot longer.