Introduction

1. Nutmeg Saving and Investments Limited (“Nutmeg”) provides specially constructed investment portfolios, comprising investments which have been individually selected to comply with Ernst & Young LLP (“EY”) independence requirements. These portfolios are referred to in these T&Cs as “EY Compliant Portfolios”.  

2. The Nutmeg Standard T&Cs, as amended and supplemented by these EY Compliant Portfolio T&Cs, contain the terms that apply to Nutmeg’s services and your EY Compliant Portfolio. Together, they form the legal contract between you and us. You should read both sets of T&Cs before applying for an EY Compliant Portfolio. The capitalised words in these EY Compliant Portfolio T&Cs have the same meaning as in the Nutmeg Standard T&Cs, unless they are expressly given a different meaning here. Should a conflict arise between these terms and the Nutmeg Standard T&Cs, these terms shall prevail.

3. By accessing Nutmeg’s services through this webpage, you will be investing your money in an EY Compliant Portfolio. You will be able to select your own Investment Parameters for your EY Compliant Portfolio, as described further in section 4 of the Nutmeg Standard T&Cs.

Who are EY Compliant Portfolios available to?

4. The EY Compliant Portfolios are only available to EY Clients (as defined in point 5 below) opening a Stocks and Shares ISA, a Junior ISA, a General Investment Account, a Lifetime ISA and a Personal Pension Account with Nutmeg.

 5. EY Clients are individuals who, in addition to meeting the eligibility requirements in sections 1.1 and 1.2 of the Nutmeg Standard T&Cs:

a.   at the time of opening a Nutmeg account are employed by, or are members of, EY or an Immediate Family Member of EY personnel; or

b.    an existing Nutmeg customer and you are also, or later become, employed by, or are members of, EY or an Immediate Family Member of EY personnel.

“Immediate Family Member” means spouses, spousal equivalents and dependents (e.g., children, step children or other dependents, whether or not they are relatives). For EY Partners and Non-Equity Partners, this also includes the following non-financially dependent relatives if they have shared the same household for at least 1 year: siblings, ancestor i.e. parents, grandparents and lineal descendants i.e. children.

6. If you are an existing Nutmeg customer and you are also, or later become, an EY Client, Nutmeg can switch your existing portfolio into an EY Compliant Portfolio. Once your existing portfolio is switched into an EY Compliant Portfolio these EY Compliant Portfolio T&Cs, along with the Nutmeg Standard T&Cs, will apply.

Setting up your account and declaring your investments

7. In order to invest in an EY Compliant Portfolio and for your account to be set up correctly, in addition to the requirements at section 1.1 of the Nutmeg Standard T&Cs, you must follow the EY Compliant Portfolio sign up process and select ‘Fully Managed’ as your investment style.

8.  The EY Compliant Portfolios are only available in the ‘Fully Managed’ Investment Style. They are not available, and cannot be managed as:

a. ‘Fixed Allocation’ portfolios;

b. ‘Socially Responsible Investing’ portfolios; or

c. ‘Smart Alpha’ portfolios.

9. Notwithstanding section 5.3 of the Nutmeg Standard T&Cs, we will only enter into arrangements and transactions on your behalf that are permissible under the EY independence requirements, as explicitly notified to us by EY.

10. By accepting these EY Compliant Portfolio T&Cs, you authorise Nutmeg to share with EY information about your investments in the EY Compliant Portfolio to allow the required monitoring as prescribed by EY independence requirements.

11. In accordance with the EY independence requirements, when you first invest in an EY Compliant Portfolio, you must report such investments to EY, by reporting this portfolio in GMS.

Charges

12. The EY Compliant Portfolios will have some different investments compared to our normal Fully Managed portfolios. Sections a. to c. of Schedule I (Schedule of fees and charges) of the Nutmeg Standard T&Cs will therefore not apply to the EY Compliant Portfolios. The performance and investment fund costs & charges may also vary as a result.

13. The EY Compliant Portfolio investments will be charged an annual management fee of 0.75% up to £100k and 0.35% thereafter, incl. VAT per annum.

14. If you are an existing Nutmeg customer and you are required to switch to an EY Compliant Portfolio, you may be charged a different annual management fee depending on the Investment Style of your previous portfolio. As part of the switch, you may also incur additional costs, such as market spread costs. You can find more information on costs and charges here.

What happens when you are no longer an EY employee/member?

15. Nutmeg will build and manage the EY Compliant Portfolios for  EY personnel, while they remain employed by the firm.

16. If you cease to be employed by, or a member of, EY you must notify Nutmeg. You can also let us know if you would like to:

a.    terminate the agreement in accordance with section 20 of the Nutmeg Standard T&Cs; or

b.    switch your investment portfolio to a standard Fully Managed or other investment style.

17. If you switch your investment portfolio in accordance with 16(b) above, these EY Compliant Portfolio T&Cs will no longer apply and your investments will be managed only in accordance with Nutmeg’s Standard Terms and Conditions. You must ensure you adjust GMS accordingly and report all securities individually in GMS.