Skandia International reveals new QROPS strategy
Skandia International, the offshore business of Old Mutual, will work with Qualifying Recognised Overseas Pension Schemes (QROPS) providers to offer simplified QROPS arrangements across multiple jurisdictions.
The arrangements allow UK pension holders, to transfer their existing pension provisions into a QROPS (Qualifying Recognised Overseas Pensions Scheme). The first entrants into Skandia’s strategy are Malta-based MC Trustees (Malta) Limited and the Isle of Man’s leading QROPS provider Boal & Co together with Momentum Pensions, who offer authorised schemes out of both Malta and the Isle of Man. The choice of jurisdictions and range of providers is expected to evolve over time.
Skandia hopes that the QROPS solutions, which work by utilising the Skandia International offshore bonds as investments vehicles to house the underlying assets, will facilitate a range of preferential pricing terms, providing advisers with a choice of different arrangements to help them meet the individual needs of their clients, as well as simplifying application and on-going administration processes.
Rachael Griffin, head of product law and commercial development at Skandia International said: “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. This has, once again, been backed up by the findings of our recent survey, which confirmed that 40% of those advisers who generate QROPS business are expecting to write at least the same amount over the next 12 months whilst a further 40% believe the number of cases will increase.”
“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.