Quilter Cheviot, is part of Old Mutual Wealth and one of the UK’s largest DFMs. It had total funds under management of £16.9bn ($23.4bn, €22.8bn) at 30 September 2015.
Last month L&C, which is a specialist provider of self-invested products for both UK residents and expats, also added Whitechurch Securities to the same panel of approved DFMs for the Multi-Platform International Open Pension plan.
Growth seen
L&C believe that the lowering of the life time allowance (LTA) for pension contributions to £1.0m from £1.25m, which comes into effect from 6 April, will make transfers into Qrops increasingly attractive.
After the new limit comes into effect, pension funds which exceed £1.0m will be hit with fairly onerous financial penalties – up as much as to 55% on any excess. While funds transferred into a Qrop no longer count towards the LTA, and can continue to grow free of any heavy taxation.
Expertise match
Adam Wrench, head of product, at London & Colonial said: “We are delighted to be able to offer Quilter Cheviot’s expertise to those investing in the Multi-Platform International Open Pension and our component SIPP product, the Simple Investment Sipp.
“Their expert investment managers apply a structured and comprehensive approach – tailored to meet clients’ specific needs with the right investment opportunities.”
Pamela Reid, Director of Services Development, Quilter Cheviot said: “Pension fund management is a core part of our business and we pride ourselves on the quality of the partners we work with.”
