Momentumpensions Bewertungen 15

Can I give them no stars? We were badly advised and we believe, misled by a French IFA to take out a Prudential QROPS in Malta using Momentum as trustees. Little did we know what we were not being told. Hidden charges, non-existant service even after we visited their offices where the staff acted like rabbits in headlights. Unfortunately the Prudential will now only deal with Momentum and not us so complaints are brushed aside.
Charges by both Pru and Momentum to simply move after five years are unjustified. Queries on errors on their paperwork goes unanswered and I can only advise-GO ELSEWHERE

My experience with Momentum Malta has been extremely disappointing from start to finish.
My investment with Momentum Malta was for eight years, during which time the level of service and communication was consistently poor. There were repeated delays and a lack of proactive support throughout the entire period. Transparency was a major issue — at no stage were the multitude of fees and charges clearly explained, nor was there any meaningful justification for the significant costs imposed. The charges are, in my view, extortionate, particularly given the low level of service provided.
Dealing with the company has been unnecessarily difficult and frustrating. Simple instructions were mishandled, and responses were often slow or overly reliant on technicalities in their terms and conditions rather than addressing the substance of my concerns.
On top of this, the return on investment was extremely poor, which only compounded my dissatisfaction with the overall experience. When I eventually decided to transfer out, I was met with an extortionate exit fee, adding further financial loss to an already disappointing investment.
I would strongly caution anyone considering Momentum Malta to do thorough research and be prepared for a lack of transparency, high costs, poor service, and punitive exit fees.

Indifferent and neglectful customer service. Unnacceptably took eight months to transfer my QROP to another jurisdiction due to their unresponsive and unapologetic behaviour, for which they rejected my formal complaint and were all to ready to deflect blame to a third party, despite Momentum's clear record of slow and failed responses to requests for information from myself and my financial advisor. Some employees could not even write correct English, I question whether they even know exactly what they were employed to do and why. And after eight months of waiting, delay, failed responses, Momentum has the gall to charge termination and administration fees. Give this shoddy outfit a wide berth.

Momentum Malta have no interest in customer service once they have your funds under their control. They move at glacial speed to handle requests. I’m still trying to receive a cash drawdown requested on 7 April 25 despite enough in my cash position. My IFA has phoned them multiple different times during the week and they never pick up the phone. I’m lucky to get an email response within a week of sending it.
Pathetic service and duty of care.

My experience with Momentum Malta has been deeply disappointing. The entire process—from the initial setup to eventually transferring my pension away—was marked by excessive fees, poor transparency, and limited regulatory oversight. Over the years, I faced high and increasing charges, underperforming investment choices, and a lack of flexibility that left me feeling trapped. Even when I sought to move my pension back to the UK, the process was needlessly slow and obstructive. I would strongly caution anyone considering Momentum Malta to do thorough research and explore better-regulated, more client-focused alternatives.

I have never known such a inefficient lacklustre unprofessional amateurish incompetent outfit.
Pretty much the worst customer service I have ever encountered for a financial institution.
Considering these people are in charge of one's life savings the
Lack communication and customer support is not only poor...but very worrying.
I would strongly suggest placing your funds at another institution and stay clear of Momentum

I live in Hong Kong and just turned 62 and am no longer working. I have had QROPS in Malta for many years containing pension savings from the time when I worked in London. About 18 months ago, I agreed with advice from my HK financial advisor to transfer the QROPS from Momentum Malta to Momentum Gibraltar. I was told that there is a tax benefit in case I want to take out a lump sum from the QROPS. In fact I do want to withdraw GBP 50K as soon as possible (and I thought I would have this money at the latest by January 2025). For some reason, the transfer request to Gibraltar triggered a very elaborate KYC process from Momentum (acting as if they were onboarding me as a brand new customer and not simply updating information on a long-standing, existing customer) and they asked for loads of old documents including proof of where the original earnings came from and questions about the source of these pension fund earnings from way back when the QROPS was set up (more than 10 years ago). Most of the documentation requested was from pre-internet days and I did not save any of the documents related to my pension fund savings from 1988-2001 which was the time I worked in banking in London at various banks which had different pension schemes which were all rolled together when the orginal QROPS was created. I also had to do a physical call with somebody from Momentum to verify my existence and fill out many forms. They also requested proof of my tax residence in Hong Kong including types of statements that do not exist in Hong Kong. A copy of my HK tax return and other correspondence from the HK Revenue Department was not adequate. All this took over a year and finally it seemed the transfer was about to happen back in early December 2024. At this time I also requested a withdrawal of GBP 50K. For the past 3 weeks, when I login to the member portal, the entire amount of my pension savings in not shown in Malta or Gibraltar. I have written numerous times and called up the admin and compliance teams (only once did I have somebody actually answer the phone - a friendly gentleman but he could not help me). I have no idea where my money is and when I will be able to access it. The latest communication from Momentum stated that they believe the original documents pertaining to deed transfer from Malta to Gibraltar (which needed to be sent to Utmost in Isle of Man) has been misplaced by their courier. They are chasing up with the courier. It has been going on like this for the past 3 weeks now. I am starting to panic and think they may have some cashflow issues and their service staff are told to find creative ways to delay any fund withdrawals. The GBP 50K which I want to withdraw is sitting in a cash account and is not even invested- so should be very straight forward to transfer my cash to me in Hong Kong. I intend to launch a complaint to the Financial Arbiter of Malta. Now I very upset as I needed the GBP 50K for a building project at my future retirement home and I had to sell some other investments which I did not want to sell (including gold that I bought last year which has gone up a lot) in order to cover this obligation. Be wary in dealings with Momentum!

I can’t thank the Administration Team enough. They were so helpful when opening my pension with them. They made the whole process very easy and straightforward. I feel like my pension is in safe hands.

Dealing with momentum Malta has been the worst customer experience in my life. In June 2024 my sister fell ill I live in South Africa she in UK. So I thought to take a small lump sun to assist with travel etc. I was asked for ludicrous documents my payslip from 1993. A letter explaining where the funds came from and various 30 year old documents I didn’t have. Every time I have asked for progress their automatic response gives me no information their emails are unhelpful and I keep having to ask the same question. My sister is dead buried I never got to see her and I am still waiting for what is a small amount of money. I am beginning to think that there is no money and this is just a huge scam - how can a simple transaction- which is their sole purpose for existing- take so long and cause so much distress. I wish I had closed out the whole account especially after reading these reviews. It’s over four months now and I have just given up with these people.

Worst company i have ever delt with, customer support is non existant and verging on the incompetant

Momentum Malta is an expert in acting totally opposite to what they state on their website. In my opinion that is misleading the customer and committing Fraud. Most unprofessional & unhelpful personnel & management team work at Momentum Malta. Cannot be trusted with one’s hard earned pensions.
My claim took over 1 year since I expressed that I am interested in withdrawing the entire fund; which had yielded 1.8 % / year over nearly 10 y of QROPS investment. Only winners of this investment were Momentum Malta / Prudential/ Alexander Peter wealth management.
Momentum harassed & bullied me regarding the certified copies requested. Momentum Malta does not have a platform where one can upload the needed documents in 21 st century digitalised and globalized customers they serve. Rated 0-100 %
Communication - 0 %
Efficiency- 0 %
Time taken to pay out - 0 %
practices - outdated - 0 %
Harassing & bullying - 100 %
Transparency - 0 %
Trusted - 0 %
Helpfulness - 0 %
Customer service - 0 %
I join the band of over 70 other 1 star reviews given to Momentum Malta
Momentum Malta held my certified documents including the originals submitted for over 4 months. They stamped over the originals “ original “ & *copy* thus making the document invalid for future use.
Momentum Malta is a Trust Fund Managing Pensions & HMRC has listed it on their website; so one could trust but that is not my experience!
My life was on hold & hugely disrupted due to the delay of the payout. Not even an email was sent to say the funds have been paid out !
I concur with all the other 1 star reviews. 1 star is too generous who specializes in delaying tactics hiding behind due diligence.
I urge the management to review their payout processors become a Trust fund that serves its clients.

Never in my lifetime have I been treated so badly by any company!
Momentum Malta have held my Uk funded pension for more than 7 years after I was advised to move it from the Uk due to fact that I left the UK 25 years ago.
The problems started when I wanted to remit funds to my daughter(a birthday present) as I was told I cannot remit to a third party so no big deal as decided to send funds to my bank account. The next thing I hear is that Momentum want to see my bank statement which I was not happy about but I complied. Then out of the blue they wanted proof of where my money came from which as I sold my company 25 years ago I had no documentation (not required to keep after I think 7 years) I got back to Momentum telling them the situation and saying there was lots of info on the internet re the sale but they would not accept that! Then they came back and asked how my pension was funded more than 25 years ago and the information was provided. Surprise surprise they came back and asked me to sign a form allowing them to approach a large UK pension fund for verification which I did but that was not the end. Next they came back and asked my pension advisor for a letter of indemnity which they duly complied with but again they were not satisfied! By this time more than 6 months had gone by and still not resolved. Then out of the blue they asked who were the lawyers who handled the sale more than 25 years ago and even though I had no contact with them I did manage to chase down the name of the partner who was involved but had retired from the company 11 years ago and he told me the lawyers who were involved in my sale had all left and he had not kept in touch all this information was sent on to Momentum who did get back to me and asked if the lawyer would vouch for the sale which he duly did and after almost 9 months I received the remittance less 30+% tax which has surprised me. During this 9 months what crossed my mind was that if I needed the money for a life saving operation I would be dead!!! You need to ask what was their motivation in trying to stop me taking money out. My strong advice would be to keep away from Momentum are they a legitimate operation?
I should add not once have I received an apology for all the stress they put me under

"Our range of pension products offer a wide choice of attractive investment options." A quote from Momentum Pensions website. What they don't tell you is that they can guarantee reducing the value of your pension significantly. Which is what happened to my wife's hard earned pension. And when we decide that enough is enough and we want to cash the investment in, they continue to stall. We requested this action on 21 June. They have replied saying they requested the surrender 5 weeks later at the end of July. They give an 8-13 week period for completion. I had a similar surrender which was completed with 10 days. We will see. And don't expect them to comply with the 3-5 working days to reply to an email. A most unprofessional company that who I would avoid at all costs.

In July 2020 the Maltese Arbiter ruled that Momentum Pensions had failed in their duties by accepting fake dealing instructions from unlicensed and unregulated advisers which lost me the majority of my pension. After they appealed in the Maltese courts, they then went onto lose their appeal on not just mine but over 50 similar cases. All of us are still waiting for our awarded compensation to be paid.

Having lost 70% of my pension through Momentum accepting fake dealing instructions from unlicenced, unregulated advisers, to buy high risk; investments suitable only for Professional Investors, I complained to the Maltese Ombudsman and was awarded 70% of my losses back in July 2020. The Ombudsman said they had failed in their fiduciary duties. Momentum appealed the decision but lost the appeal in January 2022. All on public record. What is not, is the fact they have still not paid a single penny in compensation to anyone concerned...and they have lost 53 appeals so far!