J.P. Morgan Personal Investing (formerly Nutmeg) vs Vanguard for drawdown: fees and features compared (2026)
A side-by-side comparison of what J.P. Morgan Personal Investing (formerly Nutmeg) and Vanguard charge for pension drawdown, and what you get for it. On published charges alone, Vanguard works out cheaper at all three pot sizes modelled below.
Quoted yearly charges; what each covers differs (see below).
What each one charges
Provider
Published fee structure
What it covers
Fees checked
J.P. Morgan Personal Investing (formerly Nutmeg)
Fully Managed: 0.75% on the first £100k then 0.35% above (Fixed Allocation: 0.45% then 0.25%)
Includes investment management; fund charges extra
23 Sept 2026
Vanguard
0.15% flat fee (capped at £375 annually; minimum £48 a year, £4 a month, below £32,000)
Platform charge only; fund charges extra
23 Sept 2026
Annual cost by pot size
Pot size
J.P. Morgan Personal Investing (formerly Nutmeg)
Vanguard
Cheaper
£100,000 pot
£750
£150
Vanguard is cheaper
£250,000 pot
£1,275
£375
Vanguard is cheaper
£500,000 pot
£2,150
£375
Vanguard is cheaper
Vanguard is cheaper than J.P. Morgan Personal Investing (formerly Nutmeg) at every pot size between £10k and £1m.
Anything a fee does not cover, such as fund charges, dealing or withdrawal fees, is extra. Platform charges assume you hold funds. Some platforms cap charges on shares, ETFs and investment trusts, which can be much lower. See how we compare.
Features compared
Feature
J.P. Morgan Personal Investing (formerly Nutmeg)
Vanguard
What the charge covers
Includes investment management; fund charges extra
Platform charge only; fund charges extra
Investment range
15 portfolios
85+
Ready-made portfolios
Yes
Yes
Regular income payments
No extra charge
No extra charge
One-off withdrawals
No charge
No charge
UFPLS lump sums
Not confirmed
No charge
Minimum pot to start drawdown
£500
Not confirmed
FSCS protected
Yes
Yes
Fees checked
23 Sept 2026
23 Sept 2026
“Not confirmed” means the provider does not publish the figure or we have not yet checked it; it does not mean the charge is zero.
Which suits you?
Choose J.P. Morgan Personal Investing (formerly Nutmeg) if you…
want your investments managed for you as part of the fee
Choose Vanguard if you…
want the lower quoted yearly charge at every pot size we model (£100,000 to £500,000)
This is comparison information, not advice.
Free, impartial guidance:Pension Wise offers free appointments to people aged 50 or over with a defined contribution pension, and MoneyHelper’s investment pathways comparison tool compares drawdown providers’ ready-made options. Both are backed by the government.
Pros and cons
J.P. Morgan Personal Investing (formerly Nutmeg)
Pro: Fully managed portfolios (no decisions needed)
Pro: Strong JP Morgan backing and stability
Pro: Digital-first, easy-to-use platform
Pro: Automatic rebalancing and tax optimisation
Pro: Socially responsible investment options
Pro: Low minimum investment (£100)
Pro: Mobile app for monitoring
Pro: FCA regulated with FSCS protection
Con: Higher fees than DIY platforms (0.45-0.75%)
Con: Limited to 15 pre-built portfolios
Con: No ability to choose individual investments
Con: Fees increase with lower-risk portfolios
Con: Nutmeg brand retired — now J.P. Morgan Personal Investing
Con: Less investment control than traditional platforms
Con: Not suitable for active investors
Vanguard
Pro: Extremely low annual fee capped at £375
Pro: Simple, transparent pricing
Pro: Access to renowned Vanguard funds
Pro: No withdrawal fees
Pro: Strong brand reputation
Con: Limited to Vanguard products only
Con: No individual shares trading
Con: Basic platform features
Con: Minimum £48 annual fee (£4/month for pots under £32k)
Frequently asked questions
Which is cheaper for drawdown, J.P. Morgan Personal Investing (formerly Nutmeg) or Vanguard?
Vanguard is cheaper at all three pot sizes we model. Quoted yearly charges for J.P. Morgan Personal Investing (formerly Nutmeg) and Vanguard are £750 and £150 on a £100,000 pot; £1,275 and £375 on £250,000; and £2,150 and £375 on £500,000. Vanguard is cheaper than J.P. Morgan Personal Investing (formerly Nutmeg) at every pot size between £10k and £1m. Anything a fee does not cover, such as fund charges, dealing or withdrawal fees, is extra.
What does J.P. Morgan Personal Investing (formerly Nutmeg) charge for drawdown?
Fully Managed: 0.75% on the first £100k then 0.35% above (Fixed Allocation: 0.45% then 0.25%). Includes investment management; fund charges extra. Regular income payments: no extra charge. One-off withdrawals: no charge. UFPLS lump sums: not confirmed. We last checked these fees on 23 September 2026.
What does Vanguard charge for drawdown?
0.15% flat fee (capped at £375 annually; minimum £48 a year, £4 a month, below £32,000). Platform charge only; fund charges extra. Regular income payments: no extra charge. One-off withdrawals: no charge. UFPLS lump sums: no charge. We last checked these fees on 23 September 2026.
What can I invest in with J.P. Morgan Personal Investing (formerly Nutmeg) and Vanguard?
J.P. Morgan Personal Investing (formerly Nutmeg): 15 portfolios, including ready-made portfolios. Vanguard: 85+, including ready-made portfolios.
How do customers rate J.P. Morgan Personal Investing (formerly Nutmeg) and Vanguard?
J.P. Morgan Personal Investing (formerly Nutmeg) has a Trustpilot score of 4.1 out of 5 (checked 8 September 2026). Vanguard has a Trustpilot score of 4.7 out of 5 (checked 8 September 2026). Scores change over time, and they do not affect our cost comparison.
How do I choose between J.P. Morgan Personal Investing (formerly Nutmeg) and Vanguard?
Start with the yearly cost at your own pot size, then check what you want to hold, how you plan to take income and whether you want ready-made portfolios. This page is comparison information, not advice. Free, impartial guidance on your options is available from MoneyHelper's Pension Wise service.