London & Colonial is on the brink of launching two versions of a Gibraltar-registered QROPS - a ‘lite' version alongside a full QROPS product are planned to come on stream this April.
Right now the final i’s and t’s are being dotted and crossed to ensure full compliance with Gibraltar’s QROPS Code of Conduct - the consultation process of which London & Colonial participated in.
Product Development Manager Adam Wrench says the products will be flexible enough to appeal to clients across the asset-size ranges. The ‘lite’ version, he confirms, will be aimed at clients with a minimum £50,000.
Wrench says the QROPS products will have a high level of intrinsic flexibility and choice factored in. “People will be able to make the necessary changes to accommodate their own financial journeys. They will be able to move across platforms according to preference and go off-platform, as well as have the flexibility to upgrade or downgrade, or switch platforms as their funds and requirements change. We already offer a SIPP and an annuity and now we are launching a QROPS. So on return to the UK funds can be brought back by changing fairly easily from one wrapper to another and from one platform to another.”
Wrench believes Gibraltar and Malta are now the two main jurisdictions of choice for QROPS’ management. “Being in the EU sets both centres apart from the other jurisdictions,” he says. In addition, Gibraltar’s commitment to a low 2.5% tax rate contributes to its competitive place in the market.
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