You can start your Nutmeg pension by transferring pensions from elsewhere. Likewise, if you already have a Nutmeg pension you can transfer other pensions in quickly and easily.
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Transferring pensions held with other providers or consolidating your old workplace pensions with Nutmeg could be a good idea if you wish to keep them all in one easily managed pension pot. Pensions may have been set up by former employer(s) of yours and therefore you might have one, two, three or more separate pension accounts. There’s no limit to the number of pensions you can transfer to Nutmeg.
We don’t hide behind complex pricing structures or financial jargon. We keep it simple.
Our in-house investment team has built four investment styles to meet your retirement needs. Whether you're looking for a low cost 'set and forget' investment strategy, want to benefit from the ongoing expertise and management of our investment team, want to try Nutmeg’s Smart Alpha portfolios powered by J.P. Morgan Asset Management or want your investments to have a socially responsible focus, then we have an investment style to suit your retirement plans. If you would like to know what it’ll take to reach your desired retirement income then why not try our pension calculator.
Get started with your Nutmeg pension by selecting one of our investment styles, a time frame, risk level and the starting amount for your retirement pot.
Nutmeg will not charge you anything for the transfer itself although there are underlying costs for each of our investment styles. Be aware that current pension providers may charge exit fees when you transfer your pension out and that there are financial risks when de-investing with your ceding pension provider.
Once you've submitted the correct information and selected the amount to transfer, we do the rest - usually within two to three weeks.
It is important that your details are fully up to date with your previous pension provider.
If any of the details we hold for you differ to your ceding scheme provider, they’re likely to reject the transfer. We therefore strongly advise you to contact them first before you start the transfer to check these details. Common causes of delays to pension transfers include: changes of address and surnames, incorrect National Insurance Numbers and incorrect pension plan numbers.
We accept most pension transfers and can conduct these electronically or manually. Unfortunately if you've already started drawing income from a pension we cannot accept a transfer of the pension. Customers transferring defined benefit (DB) pensions valued over £30,000 must obtain specialist financial advice before transferring. A suitable adviser can be found through the government’s Money Advice Service retirement adviser directory.
DB pensions valued at less than £30,000 can be transferred without financial advice. You must sign a declaration stating that you are aware of the product features you’ll be losing and remain comfortable transferring.
We still won’t be accepting DB pension transfers from local authority pensions, the Universities Superannuation Scheme and civil service pension schemes.
Not long. It’s usually two to three weeks if transferred electronically. Nutmeg operates electronically so if the same is true of your other provider the transfer should be swift. If they are not an electronic provider, they will have to transfer the pension manually which can take up to six weeks or more. During this time your investments are unlikely to be out of the market for more than a few days.
Nutmeg promises to transfer your pension as quickly and smoothly as possible. We’ll always try to transfer your pension electronically as this is usually quicker than a manual transfer and we usually only need one instruction from you.
We’ll also do our best to keep you updated on the status of your transfer. If you don’t hear from us for a while, don’t worry, you can be confident we’re actively tracking the transfer of your pension. If it’s still in the hands of your current pension provider we’ll chase them every seven days.
Please note: you may see the pensions money leave your previous provider a few days before it arrives in your Nutmeg pension, this is completely normal.
Nutmeg will not charge you anything to transfer your pension(s). There are however associated costs depending on which investment style you chose. You can see a full breakdown of underlying costs for each of our investment styles here. Other charges from your previous pension provider may apply. We therefore advise you to check with them first so you are aware of any costs you may incur. There are also financial risks when de-investing with your ceding pension provider to be aware of.
The ‘transfer value’ of a pension is the value of the pension when it is transferred out. This can be different from the value of the pension itself because there may be fees charged on the pension to transfer it out (Nutmeg will never charge fees on a pension transfer). There may also be a cost to sell the assets the pension owned previously. The transfer value will be how much of the pension is transferred into your Nutmeg pension.
The market can also apply: during the time between a transfer being agreed with your previous provider and them actioning the transfer, the value of the assets you hold in that pension may move. So, when they are sold and the pension transfers to Nutmeg the transfer value might be less (or more) than when you initiated the transfer.
Some pension providers or employers might offer pension holders a ‘transfer value’ different to the immediate pension value as an incentive for the pension holder to ‘cash-out’, thereby saving the employer future pension payment commitments.
Our team of specialists can help answer any questions you may have.