Avios and Investment Boost Pension Transfer Offer 2024

The Offer

1. The following terms and conditions apply to this Pension transfer offer promotion (the “Promotion”). The terms set out here are the “Promotional Offer T&Cs”.

2. As part of this Promotion, if you transfer a minimum amount of £5,000 from an existing Pension to Nutmeg Saving & Investment Limited (“Nutmeg”) between 6th August 2024 and 30th November 2024 you will receive a reward (the amount depends on how much you transfer) as follows:

1. cashback into your portfolio as “unallocated cash” (defined in section 17 in these Promotional Offer T&Cs), with a minimum cashback of £25 up to a maximum cashback of £3,000 as set out in Table 1 below (the “Investment Boost Reward”); OR
2. an Avios reward, with a minimum of 2,500 Avios up to a maximum of 300,000 Avios as set out in Table 1 below (the “Avios Reward”).

3. You must opt for either the Investment Boost Reward or the Avios Reward. You cannot receive both, they are not cumulative and may not be combined.

4. To receive the Avios Reward, you must have a British Airways Executive Club membership. If you don't already have one and would like to receive the Avios Reward, please set up a membership before completing the steps c and d in section 13 below. 

5. The main agreement between you and Nutmeg which covers the provision of investment services to you by Nutmeg is set out in the Nutmeg Standard Terms and Conditions (“Nutmeg Standard T&Cs”). The Promotional Offer T&Cs set out additional terms, including some terms which amend the Nutmeg Standard T&Cs. You should read both the Nutmeg Standard T&Cs and the Promotional Offer T&Cs before redeeming the Investment Boost Reward or the Avios Reward.

6. The capitalised words in these Promotional Offer T&Cs have the same meaning as in the Nutmeg Standard T&Cs, unless they are expressly given a different meaning here.

7. If there is an inconsistency between (a) the Promotional Offer T&Cs and (b) the Nutmeg Standard T&Cs, these Promotional Offer T&Cs will apply.

8. By completing the product transfer request in accordance with section 12 or 13 below, you are agreeing to be bound by these Promotional Offer T&Cs and the Nutmeg Standard T&Cs.

Availability

9. The Promotion will run from 00:01 on 6th August 2024 to 23:59 on 30th November 2024 (the “Promotion Period”).

10. This Promotion is open to New and Existing Customers (defined below) who wish to transfer an existing Pension from another provider to Nutmeg.

a. “Existing Customers” are individuals who are Nutmeg customers that have opened an account before 6th August 2024.

b. “New Customers” are individuals who:

i. Have not invested with, or used the services of Nutmeg before; and

ii. Meet the eligibility requirements in sections 1.1 and 1.2 of the Nutmeg Standard T&Cs, at the date of opening a Nutmeg account; and

iii. Will be transferring an existing Pension.

11. This Promotion cannot be claimed:

a. in conjunction with any other Nutmeg offer or promotion; or

b. to transfer any eligible product into a Nutmeg 100%-cash pot; or

c. by those currently holding an account with John Lewis Investments.

Accepting the offer - Investment Boost Reward

12. To accept Nutmeg’s offer, and receive the Investment Boost Reward (into “unallocated cash”) as set out in Table 1 below, you must do each of the following things during the Promotion Period:

a. Initiate a transfer of an existing Pension via your Nutmeg dashboard into a Nutmeg Pension;

b. Ensure that the transfer(s) you initiate meets the minimum transfer value of £5,000. If you complete multiple transfers, the cumulative value of the transfers will count towards the minimum transfer value; and

c. Fully complete and submit the promotion registration form via the relevant link: www.nutmeg.com/promo/pension-transfer-offer-2024.

Accepting the offer – Avios Reward

13. To accept Nutmeg’s offer, and receive the Avios Reward as set out in Table 1 below, you must do each of the following things during the Promotion Period:

a. Initiate a transfer of an existing Pension via your Nutmeg dashboard into a Nutmeg Pension;

b. Ensure the transfer(s) you wish to initiate meets the minimum threshold of £5,000. If you complete multiple transfers, the cumulative value of the transfers will count towards the minimum threshold;

c. Fully complete and submit the promotion registration form via the relevant link: www.nutmeg.com/promo/pension-transfer-offer-2024.; and

d. provide a valid British Airways Executive Club membership number in the promotion registration form.

14. If you fail to provide to Nutmeg a valid British Airways Executive Club membership number, Nutmeg reserves the right to provide you with the Investment Boost Reward instead of the Avios Reward.

Table 1a

• Transferred Value: £5,000 - £9,999 = Investment Boost Reward: £25
• Transferred Value: £10,000 - £24,999 = Investment Boost Reward: £50
• Transferred Value: £25,000 - £29,999 = Investment Boost Reward: £150
• Transferred Value: £30,000 - £49,999 = Investment Boost Reward: £200
• Transferred Value: £50,000 - £99,999 = Investment Boost Reward: £500
• Transferred Value: £100,000 - £149,999 = Investment Boost Reward: £1,000
• Transferred Value: £150,000 - £199,999 = Investment Boost Reward: £1,500
• Transferred Value: £200,000 - £299,999 = Investment Boost Reward: £2,000
• Transferred Value: £300,000+ = Investment Boost Reward: £3,000

Table 1b

• Transferred Value: £5,000 - £9,999 = Avios Reward 2,500
• Transferred Value: £10,000 - £24,999 = Avios Reward 5,000
• Transferred Value: £25,000 - £29,999 = Avios Reward 15,000
• Transferred Value: £30,000 - £49,999 = Avios Reward 20,000
• Transferred Value: £50,000 - £99,999 = Avios Reward 50,000
• Transferred Value: £100,000 - £149,999 = Avios Reward 100,000
• Transferred Value: £150,000 - £199,999 = Avios Reward 150,000
• Transferred Value: £200,000 - £299,999 = Avios Reward 200,000
• Transferred Value: £300,000+ = Avios Reward 300,000

*For the avoidance of doubt, the Investment Boost Reward and Avios Reward are not cumulative in nature and cannot be combined.

Existing pension provider

15. Nutmeg works with a range of pension providers to facilitate the transfer of pensions to Nutmeg. In order for your pension to be transferred to Nutmeg, your existing pension provider will need to carry out due diligence on your pension transfer request and approve the transfer. If you have any questions in relation to the transfer of your pension, please contact your existing pension provider.

When and how the Investment Boost Reward will be paid

16. The Investment Boost Reward will be paid to your account within six (6) months of your product transfer request being initiated, provided that all transfers initiated during the Promotion Period meet the minimum transfer value of £5,000 and have completed. If product transfers require more than six (6) months to be completed, the Investment Boost Reward will be paid to your account within sixty (60) days of completion.

17. In each case:

a. The Investment Boost Reward will be held in "unallocated cash" and you will be notified within your Nutmeg account that you have cash waiting for allocation. You can then choose which pot to allocate this cash to, or submit a  request to withdraw the "unallocated cash".

b. The “unallocated cash” sits within your Nutmeg account, but is not part of an ISA, JISA, LISA or pension tax wrapper. If you want to add this to a Nutmeg pot or withdraw to your bank account, you can do so from the account. Adding the cash to an ISA, LISA, JISA or personal pension will be treated as a contribution into the tax wrapper and is subject to contribution limits under the relevant tax rules of each tax product. Clients are responsible for all contributions into a tax wrapper and should check that any such contributions do not exceed allowable contribution limits.

When and how the Avios Reward will be paid

18. The Avios Reward will be awarded to your British Airways Executive Club account within six (6) months of your product transfer being initiated, provided that all transfers initiated during the Promotion Period meet the minimum transfer value of £5,000 and have completed. If product transfers require more than six (6) months to be completed, the Avios Reward will be awarded to your British Airways Executive Club account within sixty (60) days of completion.

General
19. Nutmeg cannot be held responsible for any issue or delays in transferring your Pension caused by your current provider.

20. In addition to its rights in the Nutmeg Standard T&Cs, Nutmeg reserves the right to change, terminate or withdraw the Promotion:

a. Immediately, at any time without prior notice to you in cases of:

i. suspected abuse, fraud or violation of the Promotion Offer T&Cs or

ii. your failure to comply with any obligations under these Promotional Offer T&Cs; or

b. immediately, at any time by providing notice on its website (www.nutmeg.com). Where this Promotion is changed, terminated or withdrawn in accordance with this section 18, these Promotional Offer T&Cs will no longer apply.

21. These Promotional Offer T&Cs shall be governed by English law, and the parties submit to the non-exclusive jurisdiction of the courts of England and Wales.

Additional terms applicable to this offer

22. Terms and Conditions applicable to Avios redemptions. Reward flights are subject to availability. Taxes, fees and carrier charges apply. Avios are issued and redeemed in accordance with British Airways Executive Club Terms and Conditions. For full details see www.britishairways.com/en-gb/executive-club/about-the-club

23. Nutmeg is the sole arbiter of this Promotion excluding the redemption of Avios which are subject to British Airways Executive Club Terms and Conditions.

24. Nutmeg charges management and other fees. The details are available  here.

Nutmeg Saving and Investment Limited is authorised and regulated by the Financial Conduct Authority, whose address is 12 Endeavour Square, London E201JN,  www.fca.org.uk. Our firm registration number is 552016. Nutmeg is covered by the Financial Services Compensation Scheme. There is more information about this in the Nutmeg Standard T&Cs. 

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