Exclusive review of offshore QROPS trustees and British SIPP providers
summarised in a simple graph, for expats with expatriate pensions

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QROPS SIPP Trustee Pension Reviews

Our Review Methodology for Pension Trustees

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We have independently reviewed from the UK:

  • 54 SIPP providers,
  • 18 QROP providers,
  • 13 QNUP providers

We have based our recommendation on:

  1. Cost
  2. Service standards
  3. Flexibility
  4. Access to funds
  5. Feedback

We have:

  • 5 stars SIPP
  • 5 stars QNUP
  • 4 stars SIPP, QNUP & QROP

SIPP

Transact SIPP

Provided by:
Transact
Trustee:
Based in UK
Regulated in:
UK
Service Rating:
Medium
Costs:
Low, Typical 0.325%
Other:
Pure WRAP which can hold any regulated investment. Largest WRAP in UK.

Comment: Ideal for expats in most places. Initial purchase in sterling, but then can hold other currencies. Well established.

Ascentric APP

Provided by:
Royal London
Trustee:
Based in UK
Regulated in:
UK
Service Rating:
High
Costs:
Low, Typical 0.25%
Other:
Cannot hold property and only holds sterling currently.

Comment: Excellent service and investment flexibility but restricted user availability. Well established low cost SIPP.

QROPS - Malta

Melita QROPS

Provided by:
TMF
Trustee:
Based in Malta
Regulated in:
Malta
Service Rating:
High
Costs:
High, €2,500 to £750,000 €3,000 from £750,000 to £1mil Larger, but negotiation
Other:
Open architecture so very flexible. Only allows regulated funds.

Comment: Aimed at the discerning top end of the market, looking for a full service.

Sovereign QROPS

Provided by:
Sovereign
Trustee:
Based in Malta
Regulated in:
Malta
Service Rating:
Medium
Costs:
High, Typical €800 but bond costs on top
Other:
Sovereign founders based overseas and understand the expat market.

Comment: Mass market provider. Lite versions and free transfers between Malta and Gibraltar.

QROPS - Gibraltar, Isle of Man

Sovereign QROPS

Provided by:
Sovereign
Trustee:
Based in Gibraltar
Regulated in:
Gibraltar
Service Rating:
Medium
Costs:
High, Typical €850 but bond costs on top
Other:
Sovereign founders based overseas and understand the expat market.

Comment: Mass market provider. Lite versions and free transfers between Malta and Gibraltar.

Boal & Co QROPS

Provided by:
Boal & Co
Trustee:
Based in Isle of Man & Gibraltar
Regulated in:
Isle of Man & Gibraltar
Service Rating:
Not rated
Costs:
High, Typical €995 but bond costs on top
Other:
Gary Boal is a consulting actuary. Should ensure high governance, given experience and background

Comment: Unique in this selection as it includes the Isle of Man as a jurisdiction. Gibraltar as an option.

Our review methodology

QROPS and Offshore SIPP reviews are conducted by G60 regulated pension advisers from the UK, and we review nearly all approved schemes that are available whether that be in the UK, the USA, Canada (yes there are some), Malta, Gibraltar, Isle of Man, New Zealand. We can also review schemes in other countries when requested although we make a charge for doing so.

We examine QROP Schemes and SIPP pensions alongside the latest legislation (especially since the new pension and retirement rules outlined in the 2014 Budget) and likely forthcoming legislation and key legal matters. We do this in a transparent way and our experts here at pensions for expats, publish our findings regularly.

As international advisers who originate from the UK, we are experts in pensions and expatriate money matters. How can we claim this? We are qualified to the UK G60 level, we are currently regulated in the UK with the Financial Conduct Authority (FCA), we are able to provide pension transfer advice on defined benefit schemes post 28 July 2014, and we are multiple award winners. We have articles published about offshore pensions in multiple magazines, and we are open about who we are.

It’s difficult to find a website out there, that talks about QROPS, QROPSreviews (qrops reviews), QROPS choices ( qrops choices), QROPSexpert (Qrops expert), QROPSpensionexperts (qrops pension experts) that openly says who they are. There is a reason they all hide away, because they all advise on the same rubbish commission driven bond products, dressed up as good financial advice and “avoiding 55% tax”.

We will tell you the truth, be open about benefits, but also cautious about whether QROPS and SIPP’s are the best option for you. Our QROPS ratings review page and SIPP ratings review page have been combined into one page recently (QROPS/SIPP ratings) but they are still backed up by our governance document in the UK which is reviewed at least annually, giving you real qrops choice.

Why have we not recommended a New Zealand QROPS – one of the most popular destinations? We do have one or two New Zealand QROPS providers that we can utilise, but they all provide costly options, and we think they are still not entirely within the spirit of the law, although we completely accept they fall within the current guidelines that the law provides. Lastly, they often want to control the funds in New Zealand, that hot bed of offshore international quality investment advisers! So, none of them have made it to our list of recommendations here.

So our list of SIPP reviews and qrops choices are a perfect starting point for expats, who want UK pension experts who deal in the offshore QROPS retirement market, and who put their clients first, and the QROPS provider second when making a decision about the best QROPS choice or SIPP rating.

We are regulated to give advice in the UK by the Financial Conduct Authority (FCA), and to give advice in the USA by the Securities and Exchange Commission (SEC) but this example is for outside both of those territories. Contact us if you live in the UK or the USA for advice by one of our regulated and authorised advisers in that country.

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