If you are looking at this wondering what on earth I am on about, a QROPS is a Qualifying Recognised Overseas Pension Scheme – an overseas pension arrangement into which existing UK pension plans were transferred. A strange acronym but there will be many UAE residents who have one.
If you have one you need to read this article as there may be a better, more suitable, and cheaper option for you.
Anyone who has a SIPP or QROPS with Brooklands Trustees Limited will have received emails in the last few days which may have caused concern as it suggested that the company had gone into administration but I want to reassure everyone that there is no cause for concern.
All pensions funds are ring-fenced and protected by HMRC rules. There is no risk to anyone’s pension and this affects the management company of the pension scheme but NOT the underlying investment funds which are with another company.
The role of a Pensioneer Trustee and Pensions Administrator is highly regulated and under UK law, under which Brooklands operates, all interested parties must be notified of any changes to the company structure. They are regulated by the Financial Conduct Authority (FCA) which has to approve any changes.
It has now been announced that Heritage Pensions Ltd are purchasing Brooklands Trustees Ltd and so it will be “business as usual” and the transfer of administrators has been approved by the FCA.
I would reiterate that there is no cause for concern, no risk to anyone’s pension and I have every confidence that all we will see is a new name on some paperwork. Such things happen but all the safeguards are in place to ensure that no client of investor loses out. I have a SIPP with Brooklands myself and have zero concerns.
I am currently on vacation, with limited internet access, but will be in touch with clients shortly after my return.
For specific queries please email me at keren@holbornassets.com but please bear in mind that I am unable to answer immediately at the moment.
Too many people bury their head in the sand when it comes to planning for their financial future. In this article I want to look at some of the issues that you really cannot afford to ignore. When I use the term ‘pension’ I am referring to any kind of investment being used as retirement provision, rather than just traditional plans and as expats such arrangement are rarely available to us.
The facts are that most people are facing a significant shortfall in their retirement income, According to the Association of British Insurers, the average UK pension pot at retirement is less than £40,000. In the US, the Employee Benefit Research Institute has calculated that 46% of all American workers have less than $10,000 saved for retirement and 29% of all American workers have less than $1,000 saved for retirement. Worrying figures indeed.
If you want to ensure you have enough money to live comfortably when you retire, here is my list of the top 10 pension mistakes to avoid.