MC Trustees has launched its MCT Malta Private Retirement Scheme on Ascentric - the first QROPS to be launched on a UK wrap platform.
The MCT Malta Private Retirement Scheme is principally aimed at customers with UK pension rights who have not been resident in the UK for five tax years or are planning to permanently relocate out of the country.
Based in EU-state Malta, the pension scheme has been approved by the Malta Financial Services Authority as well as HMRC.
By transferring existing UK pension benefits into the scheme, members can legitimately move their pension arrangements from the UK tax regime. After five years non-residence, any tax is payable in the country of residence and certain UK charges on pension transactions will not apply.
"The launch of the MC Trustees QROPS underlines our commitment to providing advisers with the widest possible product range to meet the differing needs of their clients," says Ascentric sales and marketing director Richard Goodall.
"We have had significant demand from advisers for a QROPS to meet the pension needs of their clients working overseas, and I am delighted to be working with such an innovative, forward thinking provider."
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