18 June 2012
Skandia International, the offshore business of Old Mutual plc, today announces it is teaming up with a select group of QROPS providers with whom it will be working to offer simplified QROPS arrangements across multiple jurisdictions.
This novel approach to offering QROPS solutions 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. By working closely together this will also ensure that the application and ongoing administration processes are greatly simplified, reducing the burden on both advisers and their clients. The arrangements work by utilising the Skandia International offshore bonds as investments vehicles to house the underlying assets.
The range of trustees will initially comprise of providers who offer QROPS schemes 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 in Q2 2012. The choice of jurisdictions, as well as the range of providers are not exhaustive and will evolve over time depending on customer needs and feedback from financial advisers.
The first entrants 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. Advanced discussions are also underway with a major international pension provider to join the range.
Rachael Griffin, head of product law and commercial development at Skandia International states:
“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.”
* The offshore adviser confidence barometer was conducted by Skandia International in Q2 2012 and attracted responses from 449 advisers from around the world – Hong Kong, Singapore, Dubai, UK, Europe, Africa and Latin America.
This press release is for journalists only and should not be relied upon by financial advisers or customers.