Corinthian gets green light for Gibraltar QROPS
Corinthian Pension Trustees has received a license from the Financial Services Commission to provide trusteeship to pension schemes in Gibraltar.
Corinthian Pension Trustees has received a license from the Financial Services Commission to provide trusteeship to pension schemes in Gibraltar.
As advisers and the UK pension industry attempt to make sense of the ramifications of the major changes to the UK’s pension rules that were outlined in Chancellor George Osborne’s Budget speech last month, an additional complication appears to be creeping into the debate.
Radical changes made by the UK Government last week lifting a number of tax restrictions on UK pensions have raised concerns in the QROPS industry.
Cuts to the bingo tax and beer duty by George Osborne in his 2014 Budget yesterday gave the UK press something to feast on late yesterday and earlier today, while those whose annual job it is to analyse the significance of some of Osborne's other changes attempted to make sense of them.
Momentum Pensions the multi-jurisdictional pensions provider with offices in the Isle of Man and Malta is to open an office in Gibraltar and launch an international pensions business there.
STM Group, the London-listed, Gibraltar-based provider of QROP schemes and wealth structuring services, said its pensions and STM Life operations were largely responsible for helping it to post a pre-tax profit of £269,000 (323,000, $447,000) last year, after a loss of £4m in 2012.
Pension fund administrators in Gibraltar will soon be able to offer qualifying non-recognised UK pension schemes (QNUPS) to individuals with UK tax obligations who have left the UK for good.
A major rebranding and restructuring of Gibraltar’s financial services industry, aimed at raising its competitive profile and increasing its focus on particular market sectors, is under way, overseen by minister for financial services and gaming Albert Isola.
A debate is under way in the QROPS industry about whether pension fund trustees are right to permit QROP scheme members to begin taking pension benefits before the age of 55‚ if the scheme members have lived outside the UK for more than five complete tax years.
STM Group‚ the AIM-listed‚ Gibraltar-based QROPS specialist‚ has promoted Therese Neish to its board as chief financial officer‚ as Alan Kentish moves to oversee product and business development.
Momentum Pensions‚ the multi-jurisdictional pensions provider with offices in the Isle of Man and Malta‚ has named Stewart Davies to succeed Mark Gaywood as group chief executive.
MC Trustees‚ a UK-based group of companies that have been administering pension schemes in Britain and‚ since 2010‚ Malta‚ has launched a new Maltese QROP scheme in partnership with Platform One.