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Momentum was established in 1998 to deliver high quality pension products to the marketplace. Today they have 10,000 clients via 560 key advisers, and £2 billion of assets under administration.
Momentum Pensions provide comprehensive access to three jurisdictions, namely:
They also offer a fourth jurisdiction, UK, under the name 'iPensions Group'. In July 2020, the SIPP business rebranded to iPensions Group. You can learn more about their UK offerings in our independent review of iPensions Group.
Each of Momentum Pensions' jurisdictions are fully regulated:
Momentum Pensions mainly offers two products in these well known offshore jurisdictions:
Let's take a detailed look at each of these offerings.
1. Lite QROPS:
2. Plus QROPS:
The key features of the Lite and Plus QROPS offered by Momentum Pensions are:
The fee schedule for Momentum Pensions' Lite QROPS is the same for Malta, Gibraltar and Isle of Man:
|Type of investment||Approved Investment Companies|
|Minimum transfer value||£40k|
|Maximum transfer value||£100k|
|Annual trust fee||£525|
|Number of free pension transfers||4|
|Additional pension transfer fee||£250|
The Fee schedule for Momentum Pensions' Plus QROPS is also the same for Malta, Gibraltar and Isle of Man:
|Plus Scheme||Plus Scheme|
|Type of investment||Approved Investment Companies||Nominated platform|
|Minimum transfer value||£100k||£40k|
|Maximum transfer value||No limit||No limit|
|Annual trust fee||£895||£945|
|Number of free pension transfers||4||4|
|Additional pension transfer fee||£250||£250|
In line with the investment policy your pension trustees adopt, Momentum’s Malta, Gibraltar and Isle of Man QROPS schemes can hold many types of investments, albeit with a few restrictions.
You can learn more about Momentum Pensions' QROPS investment guidelines in the documents and FAQs section of this review.
They are as follows:
|Funds with EU/UK ISINS, Insurance Company Funds, Listed Equities on major exchanges, ETFs,
Deposits and Government Bonds - Acceptable Grade
|Funds with Non-EU/UK ISINS||£15|
|Non-Standard Funds, Corporate Bonds, Non-Standard Securities/Instruments or Structured Notes||Maximum £20|
|Sale Trade Request||£5|
NOTE: The above charges are applicable per requested trade and may be collected on an on-going basis or accrued and collected in arrears.
Actual charges may vary based on the level of analysis required or information publicly available, as determined at the discretion of the Trustees.
Insurance Company Funds refer to funds marketed by an Insurance Company as their own range of funds.
Momentum Pensions has certain QROPS investment guidelines which state:
Both Lite QROPS and Plus QROPS offered by Momentum Pensions in all 4 jurisdictions allow you to invest in various assets using Momentum's approved life companies or nominated platforms.
You can learn more about it in the documents section of this review, under "Investment Guidelines".
The Malta pension scheme benefits can be summaried below:
In the event of death, any remaining fund paid to your beneficiaries as a lump sum will be paid without any deduction of Gibraltar tax.
Where a beneficiary elects instead to take all or any part of the remaining fund as a pension income, Gibraltar income tax at a rate of 2.5% will apply on each income payment.
Please note, If death occurs after age 75 and the conditions set out above for a transfer before or after the 6th of April, 2017 apply, the person who inherits the remainder of the funds may pay UK tax on the benefits.
The Momentum Isle of Man Pension Plan offers the following options at retirement:
On death, the Trustees may pass these benefits on to your beneficiaries either by way of a lump sum payment or alternatively an income.
Their pension scheme is the Momentum Isle of Man Pension Plan.
They have 3 levels of membership available depending on your circumstances and the underlying investment structure chosen.
Judging by what I've read in these reviews, 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 and growth is strong.
I transferred to Momentum Pensions, and then transferred to another of their QROPS later on...
Very happy with the level of service I have received overall.