Monzo Pension! [Testing - Pension Prediction tool 🧮]

[Kumnaa]

Pension fees | An affordable pension for everyone | PensionBee

There are only two of their plans cheaper than Monzo, if you’re not on one of those it might be worth switching within PensionBee to the cheaper plan or Monzo is also an option. This is not financial advice

[Chrispykreme]

@Chris_R

You request a transfer, the provider sells your shares and transfers the cash. That’s it.

It depends, I went from Hargreaves to Interactive Investor SIPP and it moved in situ except for a couple of funds where they offered a different share class and the option to either move to the new share class or liquidate in HL first and transfer cash.

It worked like a dream, although it does take a few weeks I think 7 it took me

[Arnie7]

Not all providers cater for in situ (i.e. transfer rather than sell) transfers. As you’ve seen, there’s also complications if the same share classes aren’t supported.

[JimmyJones]

Defending Ukraine from Russia’s invasion is very moral… Arms companies are not black and white

[Chrispykreme]

Indeed but the assertion from Chris_R was that transfers are always in cash, I was attempting to clarify that in specie is possible

[Chris_R (Chris Rimell)]

For clarity, I took that from the guide “How do pension transfers work” in the Monzo app.

It says “Your old provider sells the investments in your pension and transfers the sales as cash to us.”

[Chrispykreme]

Exactly why they won’t get a penny of my investments

[andys (Andy Smart)]

Quickfire answers…

Can you pay new contributions into the SIPP? (One of the screens above suggests that you won’t be able to do this at launch!)

We’re working on this right now, so it’s coming soon!

• Is there an option for withdrawals/drawdowns? If so, are there any costs?

Under some circumstances you’ll be able to withdraw from your pension (they’re documented in-app before you sign up) but this doesn’t support flexi-access draw-down.

Can the SIPP accept employer contributions?

No

[andys (Andy Smart)]

Yep you can do this, you can transfer any existing workplace pensions, or SIPPs that you have created - you’ll need to know your PensionBee account reference number to do this.

[andys (Andy Smart)]

No plans to do this right now.

[andys (Andy Smart)]

The way target date funds work, there is a different “vintage” for groups of years. So, for example - if you tell us you want to retire when you are 66, and that year is 2044 then you’ll choose the version of that fund that corresponds to that year.

You can choose/change your retirement age, and that’ll change the fund that is selected. All the funds are from the same range, so you’re just choosing how far away from retirement you are.

[mikez]

@N26throwaway

Prosper say you only need to initiate the transfer before the founder offer deadline in order to benefit from the offer.

Just to confirm that they did say this on the phone but it’s actually contrary to what the founder offer T&Cs say, which is that both the transfer request AND the investment instructions have to be received before the deadline. I’ve been chatting in-app with them and have asked them to clarify what the situation is.

[Haitch]

Sounds interesting but not for me. All I would say is that there’s so much going on in the app that a website or even an iPad app would come in useful to view everything that you can potentially hold with Monzo on a larger screen…

[mikez]

@mikez

I’ve been chatting in-app with them and have asked them to clarify what the situation is.

They’ve now confirmed in-app that you’ll still qualify for the offer provided that the transfer request is submitted before the deadline. Investment instructions can be submitted after the deadline but can only use the cash that was transferred. Any new cash paid into the ISA after the transfer will not qualify for the offer.

[Lewey02]

Are there plans to make it so you can see active work place pensions in monzo?

[Avionyx (Alex Barrett)]

Is someone able to confirm that the signup/expression of interest is a staggered rollout as I still can’t see it in my app at all.

I’m just interested to see if it’s a staggered rollout or if I’m perhaps not eligible for some reason.

[andys (Andy Smart)]

Yep we’re gradually rolling out to customers over the coming weeks. We’ll let you know (drop you an email) when you can fully sign up!

[davorg (Dave Cross)]

Can the SIPP accept employer contributions?

No

That’s a blocker for me. I’m a freelancer and I’d want my freelancing company to be able to make contributions.

Is this on your roadmap?

[Chrispykreme]

@Haitch

even an iPad app

+1 for an iPad app, even legacy banks like Natwest and Nationwide have proper iPad apps

[jackhirst38]

Not just an iPad app but a fully fledged website where customers can manage all their accounts, make payments to flex, view their pension, view account documents etc. I completely agree with

@Haitch

there’s so much going on in the app that a website or even an iPad app would come in useful to view everything that you can potentially hold with Monzo on a larger screen