PenTech

An independent review by our team of experts

PenTech says that they noticed the existence of an ever increasing, specific requirement for technical support for both international financial advisers and also international pension scheme providers.

PenTech has had major involvement in defined benefit salary related schemes.

PenTech's clients are professional international advisers and pension providers.

The individual client who is looking to these international advisers for advice, remains their client, which is what PenTech calls a "partnership" to bring increased credibility to international adviser's businesses.

PenTech claims to provide it's clients with the highest level of support, with the most experienced pension technicians and more importantly the latest technology.

In their own words, PenTech states that -

"International professional advisers can feel isolated when confronted with a complex scheme on which their client is expecting instant and accurate answers followed by a solution. PenTech shares it’s wealth of knowledge and support to develop that important solution!"

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's services include:

Full technical support for international IFA's and product providers: UK and Internationally qualified staff who are approved pensioner trustees providing support.
Training and competence seminars: To provide continual professional development for pension staff.
Meetings and seminars: All over the world.
Negotiations with scheme trustees and actuaries.

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 by PenTech are, in our view, minimalist and highly standardised, seeking to just meet the requirement, rather than to fully inform the client.

NOTE:

We would recommend reading the expert verdict section of this review to learn why our team of experts gave PenTech 1 out of 5 stars in their independent review.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

Academic evidence only shared with a select few firms across the world
A real-life example of why you should never try to outguess the market
Why a fund's past performance is not enough to predict future returns
Why you need to focus on what you can control and why this leads to a better investment experience
Why you should accept the markets for what they are
What can impact behaviour and make people seek instant gratification

The Pros

> Claim to have experienced technical staff

The Cons

> White labelled service from another firm

> Templated advice

> Highly impersonal

What does PenTech actually offer?

PenTech's services can be summarised below:

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.

Who do PenTech work for? The client or IFAs?

PenTech work with IFAs for an IFA's client.

Their clients are basically professional international advisors and pension providers.

They advice your adviser - who in turn advice you!

PenTech say they are a partner to advisers and never deal with clients directly.

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

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.

We suggesting reading 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 and independent advice if you have an existing SIPP or QROPS. For pensions worth £250,000 or more, we recommend contacting us for a Second Opinion.

The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by AES to be reliable and AES has reasonable grounds to believe that all factual information herein is true as at the date of issue. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. AES accepts no responsibility for loss arising from the use of the information contained herein.

‘AES’ refers to the AES Group’s separate but affiliated entities generally, rather than to one particular entity. These entities are AES Middle East Insurance Broker LLC registered with the UAE Ministry of Economy, United Arab Emirates, Licence no. 571368, and Commercial Registration no. 75162 and regulated by the UAE Central Bank license no. 189; AES Financial Services Limited, incorporated and registered in England and Wales with company number 06063185, authorised and regulated by the UK Financial Conduct Authority FRN: 464494; AES Financial Services (DIFC) Ltd, registered in the Dubai Financial Centre (DIFC) as a foreign company, license no.2128, and regulated by the Dubai Financial Services Authority (DFSA) Reference No F003476; AES International Limited, a private company incorporated and registered in the British Virgin Islands with company number 1839872; AES International Global Limited, a private company incorporated and registered in the British Virgin Islands with company number 1887885. Please visit our authorisations page for further information on regulation, redress and accessibility.

If you are outside the UK and we advise you or carry out other business, nearly all the rules, regulations and arrangements made under the UK regulatory regime (including the rules made by the FCA and the dispute resolution process provided by the UK Financial Ombudsman Service) will not apply to most aspects of the service you receive, such advice or business being provided from outside the UK. You should therefore clearly understand such rights and protection as are afforded in the jurisdiction where you receive advice. Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK.

RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful. For further information, please click here.

PenTech

An independent review by our team of experts

REVIEW SUMMARY