UK Expats

UK-Based Pension Investment to be Offered to Expats in Over 30 Countries

by Ray Clancy on March 13, 2015

A pension investment currently offered to UK based citizens could be rolled out to other countries to take advantage of demand from expats and wants to attract younger savers.

The pension product from investment manager Nutmeg could be available in a wide range of jurisdictions including popular locations for expats such as Australia, France, Spain, Canada, Hong Kong, Luxembourg, New Zealand, Singapore, Ireland, Portugal the Channel Islands, and the Isle of Man.

pensionOther possibilities are Austria, Belgium, the Czech Republic, Denmark, Estonia, Finland, Germany, Greece, Hungary, Iceland, Italy, Japan, Liechtenstein, Lithuania, the Netherlands, Norway, Poland, Romania, Singapore, Slovakia, Slovenia, Sweden and Switzerland.

However, it has ruled out investments from American citizens because of the strict tax reporting requirements imposed on them by the Foreign Account Tax Account Compliance Act.

Nutmeg will add 25% government top up on customers’ net personal monthly contributions into the pension, and will also allow one off cash contributions in the scheme which will primarily invest into exchange traded funds.

It currently has a minimum investment of £5,000 and charges an annual management fee of between 0.3% and 1%, dependant on contribution size, however, there are no set up charges, exit penalties, or commission fees.

According to Nick Hungerford, chief executive and founder of Nutmeg, the scheme hopes to remove the archaic receipt of bi-annual pension statements in the post with its online compatible platform.

‘You should be able to see where your pension pot is invested and how it’s performing whenever you want,’ he explained and added that the company hopes to attract younger savers.



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