Sovereign Group announces that it has become the first International Pensions Provider to offer Money Purchase Illustrations (MPIs) to all pension members and for all pension plans, including QROPS and QNUPS.

MPIs have been provided as standard in the UK since 2003 and are designed to provide a sensible look at the real level of pension people can expect in the future given the level of money they have currently put aside. They should assist individuals to assess in broad terms the adequacy of their pension arrangements and the extent to which they may need to make further provision.

The service will be provided in conjunction with PenTech Limited, an Isle of Man-based firm of international pension technicians and actuaries which has worked closely with Sovereign for a number of years, and the MPIs will be based on investment returns of 3%, 5% and 7%.

Commenting on the development, Sovereign Director Gerry Kelly said: “Sovereign has been at the forefront of international pension administration for many years and is constantly looking to improve the service provided to its members. This is another example of the enhanced benefits that we can bring to our pension members and we expect to make further announcements in due course.”

Peter Davis, Managing Director of PenTech Ltd., said: “When dealing with QROPS transfers, many UK schemes ask for confirmation that details of anticipated future benefits have been provided to new members before permitting a transfer. Sovereign is doing this as standard with the production of an MPI for all new business applications.”

Sovereign is one of the largest international pension providers and offers QROPS and QNUPS from a number of jurisdictions worldwide.