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Nutmeg may offer expats its new pension scheme
| Published: | 27 Feb at 12 PM |
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After launching an online pension, investment manager Nutmeg has said it may consider offering it to expats living in certain jurisdictions.
At present, the new initiative is only targeting UK-based people, but the firm has admitted it is open to the idea of making it available to expats in popular locations such as Australia, New Zealand, Hong Kong, Singapore and Luxembourg among other countries as well as the Isle of Man and the Channel Islands.
However, anyone living in the US will not be considered because of the Foreign Account Tax Account Compliance Act’s stringent tax reporting regulations in the country.
In addition to customers’ net monthly contributions into the pensions, Nutmeg is to inject a further 25 per cent government top-up, while one-off cash contributions will also be permitted.
The minimum investment to the pension scheme will be £5,000, while the yearly management fee will be between 0.3 per cent and one per cent depending on how big the contribution is. Furthermore, there are no charges involved in setting up or exiting and no commission fees.
Nutmeg’s founder and chief executive Nick Hungerford said he hoped the online scheme would bring an end the days of receiving pension statements through the post twice a year. He added that people should be able to see how their pension was performing whenever they wanted.
At present, the new initiative is only targeting UK-based people, but the firm has admitted it is open to the idea of making it available to expats in popular locations such as Australia, New Zealand, Hong Kong, Singapore and Luxembourg among other countries as well as the Isle of Man and the Channel Islands.
However, anyone living in the US will not be considered because of the Foreign Account Tax Account Compliance Act’s stringent tax reporting regulations in the country.
In addition to customers’ net monthly contributions into the pensions, Nutmeg is to inject a further 25 per cent government top-up, while one-off cash contributions will also be permitted.
The minimum investment to the pension scheme will be £5,000, while the yearly management fee will be between 0.3 per cent and one per cent depending on how big the contribution is. Furthermore, there are no charges involved in setting up or exiting and no commission fees.
Nutmeg’s founder and chief executive Nick Hungerford said he hoped the online scheme would bring an end the days of receiving pension statements through the post twice a year. He added that people should be able to see how their pension was performing whenever they wanted.
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