Alexander Beard France has launched a new euro-dominated self invested personal pension product, specially designed for British expats living in France.
The International IFA firm has launched the new SIPP product, dubbed €uvest, from its Lyon headquarters. The product has been rolled out in conjunction with SippChoice and the Momentum platform.
In a statement announcing the launch, Alexander Beard, which also has offices in Australia, South Africa, the US and the Netherlands, said that it was launching the product as a result of success of their US facing SIPP – AMVE$T – that was launched for “US based Brits with pensions left behind in the UK with no cross border transfer options other than QROPS”.
The company said that a similar scenario now exists in France with most UK pension providers refusing to transfer funds to French PERPS because they believe that they do not meet the ROPS rules.
Paul Beard, UK executive chairman at Alexander Beard, said that in France there is also a much smaller [than in the US], but inherently irritating problem, of many UK pension providers “simply refusing to make pension payments to foreign bank accounts”.
“If €uvest enjoys only half the success that our USA office has achieved with AMVE$T then we will all be delighted. It addresses the same fundamental problem faced by Brits living in France with UK pension provision and French people returning to France from employment in the UK that had pension provision have i.e. lack of a credible French based QROPS approved option to transfer their UK pension fund into.”
The new product will allows the UK funds to remain in the UK and benefits to be paid in euros to avoid currency fluctuations creating uncertainty in retirement income.
The product offers a number of risk rated portfolios all coming in at under a total TER of 1.5% including annual adviser fee, underlying fund manager charges and platform costs, it said.
Nicolas Medan, Alexander Beard France, said that with the launch of €uvest, the company has “defined a new way to advise UK/France cross border situations, as part of a fully integrated financial planning report in a fully integrated mechanism”.
“Our clients will benefit from a combined English and French expertise through this new solution, designed to anticipate all the many changes we anticipate in our both countries,” he said.