Returning &iterator will return the address of the iterator. If you want to return a way of referring to the element return the iterator itself.
Beware that you do not need the vector to be a global in order to return the iterator/pointer, but that operations in the vector can invalidate the iterator. Adding elements to the vector, for example, can move the vector elements to a different position if the new size() is greater than the reserved memory. Deletion of an element before the given item from the vector will make the iterator refer to a different element.
In both cases, depending on the STL implementation it can be hard to debug with just random errors happening each so often.
EDIT after comment: 'yes, I didn't want to return the iterator a) because its const, and b) surely it is only a local, temporary iterator? – Krakkos'
Iterators are not more or less local or temporary than any other variable and they are copyable. You can return it and the compiler will make the copy for you as it will with the pointer.
Now with the const-ness. If the caller wants to perform modifications through the returned element (whether pointer or iterator) then you should use a non-const iterator. (Just remove the 'const_' from the definition of the iterator).