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21/03

Nearly half of advisers cite Guernsey as favoured QROPS base

Royal Skandia extends its association with Concept Group’s QROPS.

21 March 2011

Royal Skandia extends its association with Concept Group’s QROPS.

New research by Skandia International, the offshore business of the Old Mutual group, puts Guernsey as the most favoured Qualifying Registered Overseas Pension Scheme (QROPS) jurisdiction amongst international advisers.

The recent poll of 339 advisers around the world found that 49% prefer QROPS providers to be based in Guernsey with the Isle of Man being the second most popular. Full details are below.

Jurisdiction for QROPS

Percentage of advisers who favour that jurisdiction

Isle Of Man

33.5%

Dublin

0.0%

Guernsey

48.8%

Gibraltar

0.0%

Hong Kong

6.1%

New Zealand

1.8%

Australia

0.6%

Jersey

2.4%

Switzerland

1.2%

Other

5.5%

These findings come as Royal Skandia enhances its exclusive charging structure with Guernsey-based QROPS provider, Concept. The bespoke version of Concept’s ‘Aurora’ product was first available a year ago and the simplified proposition, named Aurora Quantum, remains one of the most competitive QROPS options in the market.

By working efficiently together and continually refining paperwork and procedures, Royal Skandia and Concept have been able to revise the fee structure. From now on, the set up charge is £350 less than before at £645, and the ongoing annual fee £150 lower at £845.

Phil OxenhamPhil Oxenham, marketing manager at Skandia International, said:

“We have seen a tremendous reception for Concept’s Aurora Quantum proposition during its first 12 months in the QROPS market and are delighted that by working together we are able to maintain a competitive edge. The average number of pension contracts we are seeing transferring into a QROPS is three per customer which just shows how easy it can be to consolidate retirement planning solutions to make life easier.

“That we have seen such encouraging support from advisers of Guernsey-based QROPS providers only serves to underpin our decision to continue working with Concept and I remain hugely confident that it will remain popular among international advisers and customers.”

Roger Berry, managing director at Concept Group, said:

“We were confident a year ago that our tie up with Royal Skandia would be a success and I am naturally very happy that it has been proven to be just that. By refining our new business processes further and forging strong relationships with key UK pension providers, we have been able to identify further efficiencies and are pleased to be able to pass this benefit on to our new customers.”

This press release is for journalists only and should not be relied upon by financial advisers or customers.

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