Spearpoint, the leading Channel Islands independent investment boutique, has acquired the pensions business of retirement specialists Patidar Jeffrey & Co.
The new division, to be called Spearpoint Retirement Services Limited, will focus on providing clear and effective pension and retirement services to individuals and corporate clients in Jersey in a cost effective way.
Spearpoint has established itself as one of the most successful investment businesses in the Channel Islands by delivering strong investment performance in a transparent and cost effective manner. The existing team of Patidar Jeffrey & Co will all be joining Spearpoint and will be in a strong position to enhance the services which they currently offer to their retirement clients.
Spearpoint Chief Executive John Davey explains: “There has been, and will continue to be, considerable change in the pensions market in Jersey and we see an opportunity to help people make sound plans for their retirement by giving them independent, transparent, and cost effective advice through Spearpoint Retirement Services. With 20 means 20, pensions are the most tax efficient means of building wealth for the future. This new service is a natural fit for our established investment business and we believe we can add real value for clients.”
Meeku Patidar, Managing Director of SRS, says: “We are very excited to be a part of the Spearpoint business which has swiftly built a reputation for bespoke, effective and transparent solutions to wealth management. Patidar Jeffrey & Co with myself, Des & Andrew at the helm of the relationships, have developed a quality reputation in the pension and retirement space and we believe that Spearpoint are able to support and spearhead further and faster development in this arena. With global and local tax policy changing rapidly, there is no doubt self planning and responsibility will become the norm. Spearpoint Retirement Services wishes to be there to support individuals and corporates to meet their future needs and be recognized as the premier provider of pension and retirement services in Jersey.”
Regulatory approval has been given for the acquisition and the new business will start trading immediately.
Pensions in Jersey in 2010 A pension is the most tax-efficient means of saving for the future. With 20% means 20% tax decisions being made by the States of Jersey, a pension is the only tax efficient investment remaining while all other allowances are phased out. This means investors will enjoy tax relief on lump sum and/or regular contributions (up to prevailing limits) that they invest into an approved pension vehicle. Following the introduction of Retirement Annuity Trusts to Jersey in 2008, the local pensions market changed significantly and introduced alternative, more transparent trust-based solutions for residents to invest in. A trust-based pension is a viable option for Jersey residents who have yet to start planning for their retirement or for those who already have a traditional insurance-based pension but feel it may no longer be the most appropriate arrangement for them. Trust-based pensions also offer a highly effective solution to businesses that wish to help their staff plan for their retirement. With a trust-based pension the investor decides how much and by what means they want to contribute – either as a lump sum, transfer from existing pension arrangements or on a monthly basis. The idea is to build up a fund that will be used to generate an income to replace earnings on retirement. Contributions are fully tax-deductible (up to a specified maximum) and if an employer pays in to the fund, their contributions don’t have an impact on the individual’s limit. Investors have the option to withdraw from their fund on reaching the age of 50 – by taking a partial lump sum and a regular income from the placement of funds into income producing investments. It’s a remarkably flexible and tailored solution that puts Jersey residents more in control of their retirement planning.
For more information and interviews, please contact: Sam Watts Orchid Communications Tel: 888992 Email: email@example.com