PensionBee vs J.P. Morgan Personal Investing (formerly Nutmeg) for drawdown: fees and features compared (2026)
A side-by-side comparison of what PensionBee and J.P. Morgan Personal Investing (formerly Nutmeg) charge for pension drawdown, and what you get for it. On published charges alone, PensionBee 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
PensionBee
0.50%–0.95% depending on plan, halved on the portion over £100k (≈0.70% on a typical plan)
Includes fund charges
23 Sept 2026
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
Annual cost by pot size
Pot size
PensionBee
J.P. Morgan Personal Investing (formerly Nutmeg)
Cheaper
£100,000 pot
£700
£750
PensionBee is cheaper
£250,000 pot
£1,225
£1,275
PensionBee is cheaper
£500,000 pot
£2,100
£2,150
PensionBee is cheaper
PensionBee 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
PensionBee
J.P. Morgan Personal Investing (formerly Nutmeg)
What the charge covers
Includes fund charges
Includes investment management; fund charges extra
Investment range
8 managed plans
15 portfolios
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
Not confirmed
Minimum pot to start drawdown
Not confirmed
£500
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 PensionBee if you…
want the lower quoted yearly charge at every pot size we model (£100,000 to £500,000)
prefer one all-in fee that already includes fund charges
Choose J.P. Morgan Personal Investing (formerly Nutmeg) if you…
On the facts we hold, nothing stands out in J.P. Morgan Personal Investing (formerly Nutmeg)’s favour; check the tables above against what matters to you.
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
PensionBee
Pro: Extremely simple to use
Pro: Excellent mobile app
Pro: Easy pension consolidation
Pro: No investment decisions needed
Pro: High customer satisfaction
Con: Much higher fees than competitors
Con: Limited investment choice (5 plans)
Con: Not suitable for large pots
Con: No control over investments
Con: Fees don't reduce significantly
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
Frequently asked questions
Which is cheaper for drawdown, PensionBee or J.P. Morgan Personal Investing (formerly Nutmeg)?
PensionBee is cheaper at all three pot sizes we model. Quoted yearly charges for PensionBee and J.P. Morgan Personal Investing (formerly Nutmeg) are £700 and £750 on a £100,000 pot; £1,225 and £1,275 on £250,000; and £2,100 and £2,150 on £500,000. PensionBee 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 PensionBee charge for drawdown?
0.50%–0.95% depending on plan, halved on the portion over £100k (≈0.70% on a typical plan). Includes fund charges. 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 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 can I invest in with PensionBee and J.P. Morgan Personal Investing (formerly Nutmeg)?
PensionBee: 8 managed plans, including ready-made portfolios. J.P. Morgan Personal Investing (formerly Nutmeg): 15 portfolios, including ready-made portfolios.
How do customers rate PensionBee and J.P. Morgan Personal Investing (formerly Nutmeg)?
PensionBee has a Trustpilot score of 4.6 out of 5 (checked 8 September 2026). J.P. Morgan Personal Investing (formerly Nutmeg) has a Trustpilot score of 4.1 out of 5 (checked 8 September 2026). Scores change over time, and they do not affect our cost comparison.
How do I choose between PensionBee and J.P. Morgan Personal Investing (formerly Nutmeg)?
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.