SIPP CASHBACK OFFER

milligp

Hi all
i I am looking to transfer my SIPP to a new provider due to having a tough time financially just now and wondering if there are any recommendations and ideally cashback to my bank account rather than into the Sipp which is what most of the offers I’ve seen recently 
SIPP is sitting at 790k at the minute with NatWest Coutts

milligp

Just to clarify I’m only 49 so cannot access Sipp for seven years 

Voyager2002

Check out Freetrade.

artyboy

Well it wouldn't normally be my first suggestion, but given where you currently are, presumably in a managed portfolio with a not insignificant management fee, you could always get £5k cash shifting it to Nutmeg - for that amount, they will give you a better management fee rate than is published on their website (hint, it's 0.3%, plus fund charges, so about 0.5% all in)

Thats if you still want some element of managed fund rather than going totally self-select?

milligp

I believe nutmeg put 5k in your fund rather than back to your bank account but it’s still a very good deal 

Martico

milligp said:

I believe nutmeg put 5k in your fund rather than back to your bank account but it’s still a very good deal 

After the management fee (0.75% for <£100,000) and platform fee (£120 pa) it might not look so rosy. 
(Edit - that's maybe not so bad on reflection, if you're fine with robo management)

artyboy

Martico said:

milligp said:

I believe nutmeg put 5k in your fund rather than back to your bank account but it’s still a very good deal 

After the management fee (0.75% for <£100,000) and platform fee (£120 pa) it might not look so rosy. 
(Edit - that's maybe not so bad on reflection, if you're fine with robo management)

As I mentioned, for that amount they will give you a flat 0.3% management fee. Trust me on that. And the £5k can be paid out in cash. 

milligp

Excellent thanks for all the info I’ll get onto nutmeg

artyboy

milligp said:

Excellent thanks for all the info I’ll get onto nutmeg

I mean, obviously make sure that the robo-approach is right for you... I only suggested Nutmeg because it may not be a million miles from what you are already used to, both in terms of management and fees. While the cashback is tempting, don't let it be the main driver for switching!

One other thing, if you get yourself a referral from an existing customer, you could also get an initial 6 month fee waiver - I 'think' that can be combined with the cashback, but as always, do your research on that. I've been with them for a few years now so feel free to reach out if you have any questions...

Albermarle

Also be aware that it is unlikely the investments you have in your SIPP will be available on the Nutmeg platform.
In this case the transfer will have to be in cash, so you will be out of the market for a while. Probably a few days.

However if in those few days the markets just went up a couple of percent, you will have lost ( theoretically at least ) £10K +/- £5K depending on what investments you hold. Of course it could go the other way.

In any case when the £790K in cash arrives at Nutmeg you will have to decide how to invest it, which could be a bit of a daunting prospect......

If you transferred to another SIPP, it is more likely the investments will be available and you can transfer 'in specie', which means the investments can be directly transferred across.
I think the best current SIPP cashback offer is this one from Fidelity, although there might be others.
Pension Transfer | SIPP Transfer | Transfer Pension to SIPP

Nebulous2

I've posted recently about Charles Stanley. You've to wait a year for the money though. 

Hargreaves Lansdown - ISA/SIPP Cashback offer returns - Page 2 — MoneySavingExpert Forum

They've told me that they will not add it to the SIPP. You have to open a cash/investment account and the cashback will be paid into it.