Alexander Beard launches euro Sipp for British expats in France

Added 13th February 2017

International IFA firm Alexander Beard has unveiled a euro-denominated self-invested personal pension (Sipp) aimed at British expats living in France.

Alexander Beard launches euro Sipp for British expats in France

Known as €uvest, the product has been created out of the company’s French operations in Lyon and in conjunction with SippChoice and Momentum’s platform.

Alexander Beard, which also has offices in the Netherlands, South Africa, the US and Australia, said it launched the product as British expats living in France but with UK-based pensions were increasingly finding themselves with “no cross-border transfer options other than recognised overseas pension schemes (Rops)”.

“In France, most UK pension providers refuse to transfer funds to French Perps (state pension) because they believe that they do not meet the Rops rules,” said the UK-headquartered wealth manager.

The new product will allow UK funds to remain in the UK and benefits to be paid in euros to avoid currency fluctuations, it added.

It also offers a number of risk rated portfolios at a cost of 1.5% including annual adviser fee, underlying fund manager charges and platform costs.

US product

The launch follows the success of Alexander Beard’s dollar-denominated Sipps, Amve$t, which caters for Brits living in the US looking for cross-border pension solutions that hedge currency risk.

French managing director Nicolas Medan, said: "With the launch of €uvest, our team 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."

UK executive chairman, Paul Beard, said: "If €uvest enjoys only half the success that our US 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 Rops approved option to transfer their UK pension fund into."

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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