Momentum Pensions

An independent review by our team of experts.

Review summary

Momentum Pensions

Momentum were established in 1998 to deliver high quality pension products to the marketplace.  Today it has 6500 clients via 560 key advisers, and £1billion of assets under administration.

Momentum offer a complete solution to both UK expatriates and residents alike, providing comprehensive access to four jurisdictions and being fully regulated in all the jurisdictions in which they operate.  (UK, Malta, Gibraltar and Isle of Man).

Robust governance, detailed operational procedures, and their cautious approach to risk delivers a strong, well-structured foundation, which is free from issues which challenge many other providers. 

Overview

Momentum Pensions offer QROPS, SIPPs and SSAS solutions across the four jurisdictions of UK, Malta, Gibraltar, and Isle of Man.

They also provide a low cost SIPP and QROPS solution for the sub £40,000 client, known as the Momentum International Super Lite SIPP and the Momentum Super Lite QROPS, tying up with Brooks MacDonald International who provide their Managed Portfolio within the SIPP.  Both products have  set up costs of £250 and an annual fee of £250.

This can be compared to their standard SIPP costs of £400 and £400, or QROPS costs of £895 and £895, respectively.

Momentum offer a solution to meet most clients' needs with free in-house transfers to different jurisdictions should a client's circumstances change. Additionally, their administration support is excellent.

For full product comparison details of Momentums SIPP and SASS schemes, click here.

For full product comparison details of Momentums QROPS schemes, click here.

The pros

  • One of the world's leading pension speciailists administering £1.25bn of assets.
  • Offer QROPS, SIPPs and SSAS solutions across the four jurisdictions of UK, Malta, Gibraltar, and Isle of Man
  • Transparant and easy to understand fee structure
  • Stong technical and administrative support team
  • Free transfers to any other Momentum QROPS or SIPP product should client circumstances change

The cons

  • Sub £40,000 options are tied to one investment solution thus reducing choice.
  • Termination fee of £1,500 (years 1-5) then £1,000 for transfer from a QROPS to a non Momentum product.
FAQs
What are the features and benefits of the Superlite QROPS?

Momentum's Superlite QROPS is designed for pension funds of up to £39,999 in value.

In general a QROPS solution can offer many benefits.

Here are some key considerations:

Our QROPS products are available through Malta, Gibraltar and the Isle of Man where some local variations may apply.

Your retirement benefits may be drawn at any time between the ages of 55 and 75.

You can withdraw up to 30% of the accumulated fund, when benefits have started as a pension commencement lump sum.

(PCLS) Pension Commencement Lump Sums are paid free of tax across all jurisdictions.

Across Momentum's QROPS jurisdictions there is an extensive network of Double Tax Treaties, which allows income to be paid gross, where an effective treaty is in place.

Malta leads the way with the number of treaties.

Flexible drawdown options.

The option to rebase the currency of the scheme to that of the residence of the member.

No lifetime allowance cap in place once you transfer to a QROPS.

The ability to pass 100% of your residual pension assets to your beneficiaries on death.

Free transfers to any other Momentum QROPS or SIPP product should client circumstances change.

What are the features and benefits of the Lite QROPS?

Momentum's Lite QROPS is available for transfers or investments of up to £100,000 in value.

In general, a QROPS solution can offer many benefits.

Some key considerations are outlined below:

Momentum's QROPS products are available through Malta, Gibraltar and the Isle of Man where some local variations may apply.

Your retirement benefits may be drawn at any time between the ages of 55 and 75.

You can withdraw up to 30% of the accumulated fund, when benefits have started as a pension commencement lump sum.

(PCLS) Pension Commencement Lump Sums are paid free of tax across all jurisdictions.

Across Momentum's QROPS jurisdictions there is an extensive network of Double Tax Treaties, which allows income to be paid gross, where an effective treaty is in place.

Malta leads the way with the number of treaties.

Flexible drawdown options.

The option to rebase the currency of the scheme to that of the residence of the member.

No lifetime allowance cap in place once you transfer to a QROPS.

The ability to pass 100% of your residual pension assets to your beneficiaries on death.

Free transfers to any other Momentum QROPS or SIPP product should client circumstances change.

What are the features and benefits of the Plus QROPS?

Momentum's Plus QROPS is available for transfers or investments of over £100,000 in value and adds some additional layers of choice, flexibility and sophistication to your options.

Generally, a QROPS solution can offer many benefits.

Here are some key considerations:

Momentum's QROPS products are available through Malta, Gibraltar and the Isle of Man where some local variations may apply.

Your retirement benefits may be drawn at any time between the ages of 55 and 75.

You can withdraw up to 30% of the accumulated fund, when benefits have started as a pension commencement lump sum.

(PCLS) Pension Commencement Lump Sums are paid free of tax across all jurisdictions.

Across our QROPS jurisdictions there is an extensive network of Double Tax Treaties, which allows income to be paid gross, where an effective treaty is in place.

Malta leads the way with the number of treaties.

Flexible drawdown options.

The option to rebase the currency of the scheme to that of the residence of the member.

No lifetime allowance cap in place once you transfer to a QROPS.

The ability to pass 100% of your residual pension assets to your beneficiaries on death.

Free transfers to any other Momentum QROPS or SIPP product should client circumstances change.

What are the features and benefits of the Pro QROPS?

Momentum's Pro QROPS is tailored for the sophisticated investor and facilitates many different invetsment options.

Generally, a QROPS solution can offer many benefits.

Here are some key considerations:

Momentum's QROPS products are available through Malta, Gibraltar and the Isle of Man where some local variations may apply.

Your retirement benefits may be drawn at any time between the ages of 55 and 75.

You can withdraw up to 30% of the accumulated fund, when benefits have started as a pension commencement lump sum.

(PCLS) Pension Commencement Lump Sums are paid free of tax across all jurisdictions.

Across Momentum's QROPS jurisdictions there is an extensive network of Double Tax Treaties, which allows income to be paid gross, where an effective treaty is in place.

Malta leads the way with the number of treaties.

Flexible drawdown options.

The option to rebase the currency of the scheme to that of the residence of the member.

No lifetime allowance cap in place once you transfer to a QROPS.

The ability to pass 100% of your residual pension assets to your beneficiaries on death.

Free transfers to any other Momentum QROPS or SIPP product should client circumstances change.

Customer reviews
Very pleased...

Judging by what I've read on this excellent website, I was one of the lucky few who wasn't ripped off with my pension transfer.

My adviser (I chose Chartered) seamlessly facilitated the transfer of a series of my pensions to momentum.

Fees and charges are reasonable, service levels excellent, growth strong...over all I thoroughly recommend.

Solid service level

I transferred to Momentum, and then transferred to another of their QROPS later on...

Pleased they didn't charge me and the move was definitely the right thing to do.

Happy...

Expert verdict
Expert Assessment of Momentum Pensions

Our verdict is that Momentum offers one of the best all round solutions currently available on the market.  However, because Momentum Pensions operate globally, existing clients run the risk of potentially holding risky and expensive assets through unnecessary and opaque investment bonds.

It is also unclear whether the sub £40,000 option will prove attractive to the market, especially in light of the lack of investment control, and the proportionately high costs associated with such a pension transfer.

Read the UK regulator’s 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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