Nutmeg, a UK based online investment manager, is taking on some of the big boys in the UK Sipps (self-managed pension) market.
Nutmeg is seeking to take on the likes of Hargreaves Lansdown in the Sipp market with the launch of a pension product. The online discretionary manager has kept its charging structure unchanged for the launch of its personal pension service, which is available for a minimum investment of £5,000. There is a single annual management fee of between 0.3% and 1%, including VAT, depending on how much is under management. There are no set-up charges, exit penalties, or commission fees and portfolios are invested primarily in exchange-traded funds (ETFs). Clients are able to transfer existing pensions from other providers, with the option of consolidating all of their personal pension pots into one online account, which accessible online.