deVere hits record figures and becomes QROPS market leader
The deVere Group, the world’s largest independent financial consultancy group sets the pace as the world’s leading independent consultant on QROPS with close to £100 million under advice on offshore pension schemes, claiming nearly a quarter of all UK transfers to offshore pension schemes in recent years.
QROPS are personal pensions established outside of the UK which were recognised by HMRC in 2006. They have become increasingly popular in recent years as more investors retire abroad and wish to benefit from greater investment flexibility and tax efficiency. Since QROPS were first introduced, it is reported that approximately £432 million has moved from onshore UK pensions to offshore pension schemes. The deVere Group have transferred a staggering £98 million to offshore schemes, accounting for close to a quarter of the above figure.
“The expatriate market has always been our area of expertise. As more people move and retire abroad, there is an increasing need to service these individuals and in some cases help them transfer their UK pensions offshore” commented Nigel Green, CEO of the deVere Group. “We began advising on QROPS in 2007 and have developed an unparalleled knowledge of the product since. We are delighted to be advising such a high number of expatriates and international investors on a service that we truly believe will suit their plans for retirement”.
The deVere Group announced strong results for 2009 and intends to concentrate on strengthening the company’s competitive position in the market throughout 2010. Notably the company, which is now a member of the Chartered Institute for Securities & Investment (CISI) plans to further develop ongoing training programmes for its financial consultants.
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