Effective from 12 January 2024

Introduction

1. Nutmeg Saving and Investments Limited (“Nutmeg”) provides specially constructed investment portfolios, comprising investments which have been individually selected to comply with KPMG LLP (“KPMG”) independence rules. These portfolios are referred to in these T&Cs as a “Nutmeg K-Portfolio”.

~

2.  The Nutmeg Standard T&Cs, as amended and supplemented by these Nutmeg K-Portfolio T&Cs, contain the terms that apply to Nutmeg’s services and your Nutmeg K-Portfolio. Together, they form the legal contract between you and us. You should read both sets of T&Cs before applying for a Nutmeg K-Portfolio. The capitalised words in these Nutmeg K-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 and in accordance with paragraph 7 below, you are agreeing to be bound by these Nutmeg K-Portfolio T&Cs and the Nutmeg Standard T&Cs. You will be investing your money in a Nutmeg K-Portfolio and you will be able to select your own Investment Parameters for your Nutmeg K-Portfolio, as described further in section 4 of the Nutmeg Standard T&Cs.

Who are Nutmeg K-Portfolios available to? 

4. The Nutmeg K-Portfolios are only available to KPMG Clients (as defined in paragraph 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. “KPMG 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, contractors of, or are members of, KPMG (“KPMG Personnel”) or a Closely Associated Person of KPMG Personnel; or 

b.    an existing Nutmeg customer and you are also, or later become, employed by, a contractor of, or are members of, KPMG or a Closely Associated Person of KPMG Personnel.

~

“Closely Associated Person(s)” means a person who is closely associated with a member of KPMG Personnel by virtue of being an immediate family member of such person. A person shall be considered an immediate family member if they are: (i) the spouse, spousal equivalent or financial dependent of the member of KPMG Personnel; or (ii) are otherwise a family member who is living in the same household as the member of KPMG Personnel.

~

6. If you are an existing Nutmeg customer and you are also, or later become, a KPMG Client, Nutmeg can switch your existing portfolio into a Nutmeg K-Portfolio. Once your existing portfolio is switched into a Nutmeg K-Portfolio these Nutmeg K-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 a Nutmeg K-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 Nutmeg K-Portfolio sign up process and select ‘Fully Managed’ as your investment style.

~

8.  The Nutmeg K-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;

c.    ‘Smart Alpha’ portfolios; or

d.    ‘Thematic investing' portfolios.

~

KPMG Personnel must provide their KPMG email address as part of the sign up process. Closely Associated Persons must also contact us at support@nutmeg.com to provide us with the KPMG email address of the KPMG Personnel they are closely associated with. If KPMG Personnel or Closely Associated Persons do not provide us with a KPMG email address we are unable to ensure you are invested in a Nutmeg K-Portfolio.

~

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 KPMG independence rules, as explicitly notified to us by KPMG.

~

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

~

11. In accordance with the KPMG independence rules, when you first invest in a Nutmeg K-Portfolio, you will need to ensure that the “UNITED KINGDOM NUTMEG K PORTFOLIO ACCOUNT” (brokerage account) is reported in your KPMG Independence Compliance System account.

~ 

Charges 

~

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

~

13. The Nutmeg K-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 a Nutmeg K-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.

~  

What happens when you are no longer a KPMG employee/member? 

~

15. Nutmeg will build and manage the Nutmeg K-Portfolio for KPMG Personnel, while they remain employed by the firm.

~

16. If you cease to be a KPMG Client 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 Nutmeg K-Portfolio T&Cs will no longer apply and your investments will be managed only in accordance with Nutmeg Standard T&Cs. You must ensure you adjust your KPMG Independence Compliance System account accordingly and report all securities individually in the KPMG Independence Compliance System.