Personal PensionMay 30 2013

Firing Line: Adam Wrench

Search sponsored by

Adam Wrench, product and business development manager of London & Colonial, never intended to work in financial services. In fact he did not want a career at all.

Instead he just wanted to find the quickest way of making money so he could carry on socialising, playing sport and travelling.

He said: “When I was a lad I hated money and I thought life was back to front. I thought all I ever want to do is spend time with friends and travelling. It seemed to be when people have lots of time on their hands is when they are old, so I thought: ‘I need to make money quickly.’

Mr Wrench ended up working for his father Ken Wrench, chief executive of London & Colonial, who is now Adam Wrench’s boss.

He said: “We always manage to keep work at work, and outside of work, outside of work. We work very closely together and we agree on what we’re trying to achieve. Sometimes we disagree on how we achieve it.

“If anything I think Ken treats me too harshly to make sure there’s no favouritism. It’s probably worked against me rather than for.”

Mr Wrench junior is in his second position at London and Colonial. He joined in 1994, working on small self-administered schemes and an annuity, and then in 2002 struck out on his own, building a property portfolio after reading a book about how to be a tycoon.

However in 2006 the call came to help his father in the business after pensions simplification, and now he is immersed once more in pensions.

The most active part of the business is the Qualifying Recognised Overseas Pension Schemes for UK citizens living overseas.

There is huge potential for this business as people wake up to the possibilities of better terms for their pension under a foreign jurisdiction.

Mr Wrench said: “The current size of the market exceeds £100bn, but the current amount of funds only comes to £5bn to £6bn. There’s a huge amount of money sitting in UK-based schemes which is linked to people abroad.

“There are a lot of advantages. The main drive is that if they leave their funds behind in the UK, and perhaps have been living in Spain, when they die these funds are going to be subject to 55 per cent tax, but if they move their funds abroad then they’re not going to be liable to 55 per cent tax.

“In a conventional annuity then 100 per cent is lost to the insurance company.”