The Nutmeg Pension is currently aimed at UK-based citizens, but the company said it may open the product up to countries including Australia, Hong Kong, Luxembourg, New Zealand, Singapore, the Channel Islands, and the Isle of Man.
Click here to see the full list of countries being considered.
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.
The scheme will primarily invest into exchange traded funds.
It has a minimum investment of £5000 and charges an annual management fee of between 0.3% and 1%, dependant on contribution size.
There are no set-up charges, exit penalties, or commission fees.
Nick Hungerford, chief executive and founder of Nutmeg, said 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 said, adding that the company hopes to further engage younger savers.
