Skandia International has announced its latest market offering - a “simplified” QROPS arrangements across multiple jurisdictions.
The Isle of Man-based offshore business of Old Mutual has teamed up with what it calls a select group of QROPS providers to launch this latest initiative.
The offer promises a number of QROPS solutions including the facilitation of a range of preferential pricing terms which will provide advisers with a choice of arrangements to help them meet the individual needs of clients. Skandia International believes that by working closely together, advisers can be assured that the application and ongoing administration processes will be greatly simplified. These new arrangements will work by utilising Skandia International offshore bonds as investments vehicles to house the underlying assets.
The first two QROPS-based jurisdictions will be Malta and the Isle of Man as these are the two finance centres voted the most popular by advisers in Skandia’s latest offshore adviser confidence survey, conducted in Q2 2012. The choice of jurisdictions and the range of providers will evolve over time depending on customer needs and feedback from financial advisers, confirms Skandia.
The first entrants are MC Trustees (Malta) and the Isle of Man’s QROPS provider Boal & Co together with Momentum Pensions, a company offering authorised schemes out of both Malta and the Isle of Man. Skandia adds that advanced discussions are also underway with another major international pension provider to join these three.
Head of product law and commercial development, Rachael Griffin, says, “Over the past two years, we have been monitoring closely the sentiment of advisers globally towards the QROPS market and the evidence gathered so far has consistently shown that QROPS continue to remain at the forefront of expatriate investors’ financial planning considerations.
“As one size doesn’t fit all, it makes complete sense to offer advisers a range of options to ensure advisers can match their clients’ needs appropriately and as closely as possible. We are delighted to be joining forces with a selection of QROPS trustees and are confident that our collective capabilities in our respective areas of expertise will be of benefit to advisers and make this proposition a great success.”
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