28 September 2010
To support the international pension transfer process, Skandia International is offering a tailored version of Selectapension's Transfer Value Analysis System (TVAS) to accommodate Qualifying Registered Overseas Pension Scheme (QROPS).
Following Skandia International’s launch of the Aurora Quantum QROPS with Concept earlier this year, there has been considerable demand for a TVAS designed specifically for QROPS. In response to this, Skandia International has helped Selectapension to tailor their system and provide advisers with a flexible independent solution when they are advising QROPS to their clients.
In an exclusive deal for six months, advisers will be able to take advantage of this new service from Selectapension, at a reduced rate of £200. There will be no restrictions on the number of TVAS reports which can be run in a year and those who sign up in this introductory period will further benefit from an ongoing special charging rate for subsequent annual renewals. From February 2011, any new licence requests will be charged at the normal Selectapension annual QROPS rate of £500.
Pension transfer services are commonplace among UK pension providers. They are designed to provide the annual yield required from the transferring pension fund to leave the customer with a fund at retirement equivalent to that if they stayed in their existing pension arrangement. This new QROPS TVAS service builds on that principle by allowing advisers to include customer-specific tax and regulation information relating to both the QROPS jurisdiction and customer’s country of residence. This, together with an explanation of increased control and flexibility not able to be accounted for in the figures, all helps the customer to fully consider and understand their options.
Phil Oxenham, Skandia International Marketing Manager said:
“Outside the UK there is broadly less regulatory need to provide pension customers with a TVAS report. However, with QROPS appealing predominantly to UK expats, they have a level of expectation and knowledge which makes a TVAS helpful to the advice process. Both in the UK and internationally advisers wish to be able to support their advice with independent calculations as well as providing a detailed audit trail. In recognition of these demands, we have selected Selectapension to build, deliver and support a professional unbiased solution at a competitive price.”
Lorraine Stapleton, Director of Sales & Marketing for Selectapension said:
“Skandia International approached us to create and deliver, within a given timeframe, an independent TVAS designed specifically for QROPS. By working together we have been able to deliver a robust new system which makes advising on transferring into QROPS much easier for advisers.”
This press release is for journalists only and should not be relied upon by financial advisers or customers.