This is a genuine review from a member of the Mome...

This is a genuine review from a member of the Momentum Malta Retirement Trust, ( my QROPS ), which is administered by Momentum Pensions Malta Limited ( MPML ).

I retired and, with my wife, moved from the UK to Spain several years ago.

To keep this review as brief as possible:

BEFORE

I set-up my QROPS through Continental Wealth Management ( CWM ), as Agents for Trafalgar International ( TI ).

I had thought that both CWM and TI were reputable, properly licensed and regulated companies.

Like many others, I and my wife have suffered financial losses as a result of being former clients of CWM and TI.

It is very important, however, to note that this review is about Momentum Pensions Malta Ltd ( MPML ) who administer my QROPS, and not about CWM / TI.

AFTER

As soon as the application to open my QROPS in July 2016 was accepted, I received my Certificate of Membership and a copy of the published Momentum Malta Retirement Trust Scheme Particulars from MPML.

MPML then began to receive the transfer value monies from my UK pension arrangements in a very efficient and quick process.

Throughout, MPML sent me Client Account Statements identifying each transfer value received, and the payment of the agreed QROPS fees, CWM s initial fees and third party fees from these monies.

The Statements then showed the immediate transfer of the balance to Old Mutual International ( OMI ), as premium payments into the OMI Bond ( set-up by CWM ) held by my QROPS, which was to be the investment vehicle for the UK pension transfer value monies.

Bond documents were issued by OMI to my QROPS trustees, and copies were immediately sent to me by MPML.

The investments made with the money then held in the OMI Bond by my QROPS were either those sold to me by CWM, or those I had selected myself.

I found all communication with, and actions taken by, MPML to be very professional, accurate, courteous and punctual.

Both the initial and annual fees that are charged for the Momentum QROPS seem to me to be reasonable, competitive and good value for money.

MPML gave me access to OMI Wealth Interactive so that I could monitor the investments made through the OMI Bond for my QROPS, their cost and their subsequent investment performance.

It was while monitoring the investments held in my QROPS, I began to have a number of concerns regarding the investments sold to me by CWM / TI.

In the summer of 2017, I raised these concerns with CWM, and subsequently made a formal complaint to both ( the Agents ) CWM and ( their Principals ) TI. In summary, no proper response was received from either company.

I then contacted MPML to express my concerns about CWM / TI.

Very quickly after I contacted MPML, I received an email followed by a friendly phone call from Stewart Davies ( Momentum s Group Chief Executive Officer ) who asked me to give him a little more of the background and detail behind my concerns about CWM / TI. After listening, Stewart Davies agreed that I was right to have these concerns and told me he would immediately investigate the situation and get back to me.

Stewart Davies called me again the same morning to confirm that MPML would immediately arrange to remove CWM / TI as financial advisers to my QROPS, and the trustees ( as the legal owners ) would arrange to have CWM / TI removed as financial advisers to the OMI Bond.

Within 30 minutes of the above conversation, I had received an email from Stewart Davies confirming that the above agreed actions had been taken.

Following these conversations, the already good service I had received from MPML became an excellent service with all queries, instructions to, and communication with MPML ( and OMI ) being dealt with courteously, promptly, efficiently and professionally.

I would have no hesitation in recommending Momentum Pensions Malta Limited for their professional administration of my Momentum QROPS and pension arrangements, and the value and quality of their service.