concept hires sovereigns shipman

Shipman had been managing director of Sovereign Trust (Channel Islands), the Guernsey-based arm of the Sovereign Group, for the past two years. Prior to this he had been regional vice president of the British Chamber of Commerce in Spain.

At Concept, he will provide technical expertise to the firm’s network of partners and introducers, and be responsible for the global marketing of its international retirement schemes portfolio (which includes international pension plans as well as QROPS and QNUPS) as well as other fiduciary and trust services.

Also joining Concept is Claire Du Feu, formerly with the Guernsey operation of Kleinwort Benson.  At Concept, Du Feu will support the company’s sales and marketing department with new product development and implementation, similar to her role at Kleinwort, which was formerly part of the Close Offshore Group. As reported, it was  acquired by Kleinwort Benson in 2011.

Concept managing director Roger Berry said the launch of the Aurora Libertaï QNUPS, coupled with the appointment of two of Guernsey’s most experienced QROPS experts, represented a forceful “return to form” by Concept  in the wake of the island-wide blow Guernsey suffered in April – when new HM Revenue & Customs legislation resulted in the “delisting” of hundreds of QROP schemes there and in a number of other jurisdictions.

The appointments and the new QNUPS would, he added, help to  ensure that Concept “remains at the forefront of the international retirement planning space.”

“There is evidently space within the international retirement marketplace for personal pension schemes administered from a secure and highly regarded jurisdiction,” he added.

“In many cases this can be to service the needs of foreign nationals with no recognised or robust pension framework in their country of residence, or as a secondary retirement provision for HNW UK residents with concerns over their Lifetime Allowance and Annual Allowance.

“Therefore, the appeal of the Aurora Libertaï QNUPS will be widespread, and will suit the needs of many different types of individuals."

Qualifying non-UK pension schemes

QNUPS, or qualifying non-UK pension schemes, are similar to QROPS, in that they are a type of pension investment product. However, they differ significantly from QROPS in a number of ways; for example, they are unable to receive UK tax-relieved pension transfers. Also, they may be used by UK residents, whereas QROPS are for those who have left the UK for good. 

QNUPS also allow for investments in a much wider range of assets, including property.