Alexander Peter Wealth Management: any comments?
 

I currently have four pensions in the UK and, approaching retirement age here in Canada, I've been looking into how to draw on them in a few years time. I've been dealing with a company called Alexander Peter Wealth Management who have suggested a Momentum International SIPP with funds invested in Old Mutual International based in the Isle of Man.

It all seems above board, but given that my only contact with them has been over the phone and internet I'm still a little reluctant to commit the funds to the investment. It's not a massive amount, and doesn't constitute all of my retirement funds, but would make a significant difference either way if it went good or bad. Online reviews are mixed: some folks give Momentum 5 stars, others say they're a bunch of cowboys (although that appears to be linked to another broker who is not APWM).

Does anyone have any experience with any of these companies or funds who can offer advice?

Re: Alexander Peter Wealth Management: any comments?
 

Hello and welcome to BE!


If you have time before you are able to collect / draw down on the pensions why not leave them in situ for a couple more years and wait to see if we get QROPS approved providers again.. it's simple to transfer under QROPS, so waiting and not having all the fees that will be paid out in transferring to other companies and annual fees for the new 'investments' would benefit you in the long term.

If they contacted you out of the blue rather than you getting in contact with them - cold calling via LinkedIn perhaps - then I would steer well clear of them.

Re: Alexander Peter Wealth Management: any comments?
 

I get this a lot. So much so that I have a piece on my linked in profile politely asking them not to call. Still get one call every month or two. What is most interesting is then going and looking at the profile of the person that calls. Few of them have any depth of experience in pensions advisory. Would you trust your money to someone who was selling cars a year ago?

Re: Alexander Peter Wealth Management: any comments?
 

I was pointed in their direction by a neighbour who is also an expat, so I don't entirely distrust them but am I am doing whatever due diligence I can.

Certainly, leaving the money where it is now to wait for QROPS is an option, but where it is now it's not earning much interest and I'd like to beef up the investment if I can. As I'm 57 and have been able to semi-retire after my wife passed away, I actually have the option (if I transfer to a SIPP) to start drawing on it now. Yes, I'll lose money over time but what I can draw on now would pay about 30% of my monthly bills right now. I suspect what I will do is consolidate the money now and then give it a few years (say, age 62) before drawing on it.

Re: Alexander Peter Wealth Management: any comments?
 

I was an IFA in the UK and worked with Old Mutual quite a lot. They are generally a great company to work with, their fees, service and platform are very good. Compared to the crap I have to work with in Canada, it was light years ahead. (Pauses nostalgically).

But we did have one client who had some issues with Old Mutual International. The problem seems to be that if things go pear shaped, or even get a bit hairy along the way, the amount of protections you have as an investor are much less that if the firm is FCA authorised. If you have older pension schemes, it could certainly be worth consolidation as you are likely to find lower total expense ratios (TERs) on your holdings, but I would be doing this in the UK with an FCA authorised firm. AJ Bell, for example, were one SIPP provider we tended to use a lot.

Were it me, I would consolidate in the first instance and, as suggested above, wait and see if HMRC approve any ROPS providers in Canada. In terms of fees, the transfer analysis that needs to be done has to take into account any fees being deducted from your investments, if that is how you chose to pay.

Re: Alexander Peter Wealth Management: any comments?
 

Surely there is no benefit in putting your money in the Isle of Man, you still have to declare everything. Plus, the Isle of Man Government would not have enough money to cover their deposit scheme in the event of a financial crisis. Someone such as Hargreaves Lansdown in the UK would be able to advise you. You could buy ETFs in a SIPP, manage it yourself and avoid all those fat fees going to the financial advisors.

https://www.hl.co.uk/partners/search...SAAEgID7PD_BwE

Re: Alexander Peter Wealth Management: any comments?
 

The fees will be at least 7 to 8% paid from the OMI bond- there is no reason for an insurance contract inside a UK pension.

AJ Bell/Nucleus/Ascentric/Transact and others would be far less expensive as they do not pay commission and are transparent. The "international SIPP" fees are also high.

Re: Alexander Peter Wealth Management: any comments?
 

Definitely +1!

I have my UK income drawdown with Nucleus via a UK IFA (Ermin Fosse).

Re: Alexander Peter Wealth Management: any comments?
 

So far I've contacted (following suggestions here) Hargreaves Lansdown - who said they couldn't help unless I was a UK resident - and AJ Bell - who just sent me a link to their web site and told me to give them a UK bank debit card number and open a SIPP (I don't think they read the part of my email that said I'm in Canada and don't have a UK bank account).

Now looking at Nucleus, Ascentric & Transact.

I see one person mentioned Ermin Fosse as a UK based IFA - does anyone else have any recommendations for a UK IFA?

Re: Alexander Peter Wealth Management: any comments?
 

Can't you open an a Momentum International SIPP yourself and cut out the middle man, i.e. Alexander Peter Wealth Management? Being a SIPP, I suppose how good or bad it is depends on your choice on investments but you do have the option to manage the investments yourself which should cut down on the fees. Just buy a tracker like the so-called professionals do.

https://www.momentumpensions.com/our...national-sipp/

Re: Alexander Peter Wealth Management: any comments?
 

https://www.telegraph.co.uk/finance/...l-Adviser.html

Re: Alexander Peter Wealth Management: any comments?
 

Well, so far every company or IFA mentioned on this page has been contacted and none of them have been able to help, primarily because they don't deal with overseas clients. Any more suggestions?

Re: Alexander Peter Wealth Management: any comments?
 

This might be of interest - not suggesting them, they came up in a google search.. https://www.myexpatsipp.com/mesinsig...n-uk-residents
You might also want to read the pro's and con's of investing in a SIPP: https://axis-finance.com/international-sipps/

Re: Alexander Peter Wealth Management: any comments?
 

Interesting. Such a minefield this business, it's difficult to know what to do - which is why I've left my final salary schemes untouched. Only benefit I can see in transferring is if they are offering good buyout terms & not so sure thats the case anymore.

Re: Alexander Peter Wealth Management: any comments?
 

As an overseas client, you have to look offshore at places such as Jersey, Guernsey, the Isle of Man. They will deal with you, that is what these jurisdictions specialise in. Most of the main financial institutions such as Lloyds, HSBC, etc. have branches in these places. Forget Luxembourg, they will not deal with Canadian residents due to an agreement between governments. But there are many places from Belize to Singapore.

But, yes, it is a minefield. Company pensions schemes are expensive to run with high fees and people living longer. Some are nothing more than massive ponzi schemes. But, you have to get the best you can out of it for yourself.

Even the first company you mentioned (Momentum) have a branch in Malta, they should work with you

Momentum Pensions | Home

Or, look through this:

http://expatandoffshore.com/offshore...sion-transfers