Nutmeg generous transfer cash offer

Doctor_Who

Pat38493 said:

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.

It was inspecie and I knew the transfer would take months, what I didn't expect was all the chasing I had to do with HL and II regarding funds that disappeared from HL and never appeared with II (I kept records and screenshots of my HL account as proof). I'm sure the processes have improved, but I'm happy with II so won't be moving anytime soon.

michaels

I have just over 60k in a pot and my main DC at II - wonder if I could transfer it in in 6 £10k tranches for £600 in transfer in bonus rather than £200 if I transferred it in one go?!

artyboy

Albermarle said:

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' 

Agreed re the risk but as I want to move the pension anyway, it's acceptable to me. The other way I look at it is that even if I only just break even after market movements, it is not a bad way to extract money from my pension 7 years ahead of when I could actually start drawing it down...

artyboy

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).

Interesting, I didn't get the email but agreed it's a new offer, and more generous than the one they did earlier this year (which was a max of £1000 for a £2m+ xfr). In the hierarchy of offers, not worth it for me right now...

MX5huggy

Having recently done the Chase/Nutmeg £100 cash back on £1000. I was not impressed they only trade twice a week so I said sell when I was £48 up buy the time the deal was completed I got only £22 back plus some £4 of yet to be paid dividends. On £33k that would be £7800 just variance between price when asking to cash in and when getting cash. 

MallyGirl

MX5huggy said:

Having recently done the Chase/Nutmeg £100 cash back on £1000. I was not impressed they only trade twice a week so I said sell when I was £48 up buy the time the deal was completed I got only £22 back plus some £4 of yet to be paid dividends. On £33k that would be £7800 just variance between price when asking to cash in and when getting cash. 

but you were also £100 up for a very short tie in period. I took the £100 and will cash the rest in this week as I don't need a GIA

MX5huggy

MallyGirl said:

MX5huggy said:

Having recently done the Chase/Nutmeg £100 cash back on £1000. I was not impressed they only trade twice a week so I said sell when I was £48 up buy the time the deal was completed I got only £22 back plus some £4 of yet to be paid dividends. On £33k that would be £7800 just variance between price when asking to cash in and when getting cash. 

but you were also £100 up for a very short tie in period. I took the £100 and will cash the rest in this week as I don't need a GIA

Yes it was a good offer and I’m happy with the outcome but if I had a £300k (I wish) SIPP I would not be willing to use Nutmeg for a 1% bribe, if they were offering another 10% bribe I may consider it.