I'm trying to find out if I can move my current UK pension into a Crypto based fund?
16 June 2021
Question by Carlo
Hello I'm trying to find out if I can move my current UK pension into a Crypto based fund like a Crypto ETF or just basically a fund that invests in Crypto currencies. I have been told that you can not in the UK. Is this true and if not do you know which pension fund does? Thank you for your help.
Answered by Boring Money
Hi Carlo, good question and since the appreciation in the value of cryptocurrencies, we have seen an influx in the interest in the asset class. Unfortunately, our industry regulator (Financial Conduct Authority) has not allowed UK based investors to use their tax wrappers to hold these investments as they are deemed as too higher risk for retail investors.
Investing in crypto assets, is extremely risky and is essentially short-term speculation on an asset with little intrinsic value, whereas pension investments are about long-term investments. If you are going to invest in this sector, I can only suggest investing with extreme caution and with a small % of your investable assets and use a well known crypto wallet such as coinbase.