Skandia International unveils new QROPS strategy
Skandia International, the offshore business of Old Mutual says it is working with qualified recognised overseas pension schemes providers to offer simplified QROPS arrangements across multiple jurisdictions.
QROPS are retirement schemes that meet UK fiscal rules, overseen by HM Revenue & Customs.
Skandia said that working together with providers would result in simplified application and administration processes for financial intermediaries and their clients. The underlying assets are housed in Skandia’s international offshore bonds.
Initially, QROPS will be offered from providers based in Malta and the Isle of Man, the jurisdictions voted most popular by advisers in the latest Skandia International offshore adviser confidence survey, conducted durnig the second quarter of 2012.
The three providers initially involved are Malta based MC Trustees (Malta) Limited, and Isle of Man based Boal & Co, as well as Momentum Pensions, which offers authorised schemes out of both jurisdictions.
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.”