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Nutmeg waives management charges for Lifetime Isa savers


Nutmeg is waiving portfolio management charges for new customers in a bid to encourage them to invest through a Lifetime Isa.

Customers can make an initial deposit of £500 into “LISA 333 funds”, plus 11 deposits of £333. This takes investors to just over the maximum Lifetime Isa allowance of £4,000, with customers paying no portfolio management charges on funds invested.

The LISA 333 funds will then be converted into a Lifetime Isa once the products formally launch in April 2017.

Nutmeg chief executive Martin Stead says: “By beginning to build that £4,000 pot now, customers will benefit from compounding returns immediately.

“The Lifetime Isa is a powerful way to save – the Government is offering up to £1,000 free to savers each year. It’s a great way to encourage people to start saving young.

“We know saving for a deposit is important to under-40s and we expect this to engage young people in a way that saving for a pension never has.”



Nutmeg appoints new chief executive

Nutmeg has appointed Martin Stead as its new chief executive following a leadership review at the firm. Founder and chief executive Nick Hungerford will become non-executive director at the online wealth manager. Stead joined Nutmeg as chief revenue officer in 2015 and held the role for seven months. Before then, he was at EDF Energy […]


7IM poaches Nutmeg’s Bungey for COO role

Seven Investment Management has appointed Nutmeg’s Phillip Bungey as its chief operating officer. He replaces Hazel Paton who is retiring from 7IM after nine years. Bungey had been COO at Nutmeg since 2014. He has previously been the founder of platform Winterflood Securities and held senior management and director roles at the likes of Barclays, UBS […]


Nutmeg slashes minimum investment to £500

Nutmeg has halved its minimum lump sum investment from £1,000 to £500. Customers can now set up a portfolio with £500, provided they invest £100 per month for portfolios of less than £5,000, the online investment manager says. The cost of this service is a single annual management fee of between 0.3 per cent and […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]


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