PenTech

An independent review by our team of experts.

Review summary

PenTech

PenTech is an Isle of Man based firm, offering technical pensions support to international financial advisors and pension scheme providers.

This service is generally funded by offshore insurance or pension providers when required.  

Overview

Given that the HMRC pensions tax manual is so comprehensive, and by definition definitive, it’s hard to understand why any adviser who’s active in the pensions advice market would require such a service.  

PenTech also offers a bureau service where they provide technical analysis. 

This is then followed up by one of a number of UK FCA authorised firms, to provide non-UK residents with the necessary FCA regulated advice associated with a transfer of rights in a UK defined benefit scheme to a QROPS or a SIPP.   

The advice letters generated are, in our view, minimalist and highly standardised, seeking to just meet the requirement, rather than to fully inform the client.

The pros

  • Meets regulatory requirements
  • Specialist expertise
  • Experienced technical staff

The cons

  • White labelled service from another firm
  • Expensive for people with smaller pensions
  • Small business
FAQs
What does PenTech actually offer?

Full technical support for international IFA's and product providers.

They have UK and internationally qualified staff.

They are approved pensioner trustees and they provide international support.

Training and competence seminars - which deliver continual professional development for pension staff.

Meetings and seminars - and they will negotiate with scheme trustees and actuaries.

Who do PenTech work for? Me the client or my IFA for example?

PenTech work with IFAs for an IFA's client...

Their clients are basically professional international advisors and pension providers.

They advise your adviser - who in turn advises you!

PenTech say they are a partner to advisers and never deal with client direct.

They also claim to "bring increased credibility to [an IFA's] business and the advice that [the IFA is]  providing."

They are pensions technicians not IFAs providing financial advice - they are also not pension product providers.

Ultimately they are pension clever clogs - and an adviser can call on them to answer complex questions!

Customer reviews
Very knowledgeable

I think your 1 star rating is unfair.  As an International FA I've called on PenTech in the past and they've been brilliant.

There will always be pension questions that come up I can't answer - it's great to have a back up who can put things plainly so I can then best advise a client.

Expert verdict
Expert Assessment of PenTech

Our verdict is that a competent pensions adviser should be able to research technical matters without external help, and that the FCA regulated advice service provided by PenTech in relation to transfers of defined benefits, is highly impersonal and templated.

Read the UK regulators advice on pension transfers NEVER deal with a firm that isn’t authorised as a UK pension transfer specialist.

Our advice would be to seek professional fee-based independent financial advice if you have an existing SIPP or QROP with Momentum Pensions. We also recommend you have a free, no obligation X-Ray Review™ conducted to give you the information you need to make a decision on the best way forward.

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