Belvedere Lite, which was launched on 1 Aug, is a Guernsey-domiciled QROPS, with a minimum investment of £20,000. London-based investment manager Octopus Investments has been appointed discretionary portfolio manager for the QROPS.
Derry Thornalley, director of business development at IFA firm Argent International, said he approached Belvedere, part of Willow Trust, with the idea of launching the product after a number of clients indicated a desire to move smaller pension pots into a QROPS, but found most providers wished to target those with at least £100,000 to transfer.
“Providers target the higher end, despite the fact that the average pension pot in the UK is £30,000, and there is no reason to believe that anyone considering relocating overseas during their working life has a different profile to the average pension investor,” said Thornalley.
“Unlike a product such as pension drawdown, where the nature of the product should require sizeable minimum funds, there is no justification why a QROPS should be more suitable for someone holding a pension pot of £250,000 than one of £25,000.”
