Recently I’ve been thinking about my pension. It was all quite easy when I was employed as I just joined my company scheme, but now I’m self-employed I obviously needed a different solution. I didn’t want to be someone who is scraping by in retirement, so I had to look around for somewhere to invest my money. Pensions have such a big impact on your future, it’s very important to get it right.
This is where Nutmeg came in. Nutmeg has positioned itself as an investment manager with a difference. The way it works is that investors complete a risk profile, which Nutmeg then uses (alongside the investor’s individual goals) to invest their money into one of its portfolios. Not only can you do that with investment trusts and other saving vehicles, but now you can do it with pensions too.
The risk profile is easy to fill in and it helps you get a personalised approach without the large expense of having a dedicated advisor. Depending on your risk profile, your pension contributions will be invested into one of 10 portfolios.
One of the things I liked was that the fee structure was transparent too. There’s just one annual fee to think about rather than a complicated charging structure. I also like that Nutmeg are very open about performance too. Pension firms can be secretive beasts and it’s good to have all the information that you need to make a decision out in the open. Decisions about long-term things like pensions need to be fully informed and not taken on gut instinct.
Another key feature for me is the fact that I can check on how my investment is doing online at any time of the day or night. There’s no more waiting for annual statements, you can have access to the information you need, when you need it.
October 2024: I’ve had a Nutmeg personal pension now for a while and I’ve been very happy with how easy it is to manage online. The only downside is that it seems to take 7-10 days to process a payment in (when it isn’t a regular direct debit), but they do advise you of that when you make the transaction. Very happy with my choice to go with nutmeg.
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