The UK government’s plans to change the way overseas pension schemes are approved and taxed have been met with a mixed response from the financial services industry, with some advisers welcoming the move while others believe it will make foreign pensions increasingly complex and unattractive.
STM Group Australia’s managing director Stuart Denness is looking to re-energise and reinvigorate the country’s recognised overseas pension scheme (Rops) market following two years of uncertainty.
Cross border financial services provider STM Group, has extended its offer of a zero establishment fee for new Rops customers until 31 March 2017.
UK-headquartered Global Qrops has rebranded as bdhSterling amid similar moves by other firms that may signal a dampening appetite for recognised overseas pension schemes (Rops).
Joanne Rodriguez, business development manager for Abacus Financial Services talks about the impact of Brexit on the Qrops industry.
The STM Group has launched a Gibraltar-based Australian superannuation scheme targeted at the expat market as part of a broader move into Australia’s retirement market.
The UK government’s plans to potentially scrap the current ‘advice safeguard’ on some overseas pension transfers has met with a mixed response from the financial services industry, with some experts welcoming the move while others believe it will put consumers at risk of being targeted by fraudsters.
Strabens Hall, the international IFA firm with offices in London and Hong Kong, has advised clients against using recognised overseas pension schemes (Rops), warning that the high charges incurred with using the product can often outweigh the tax advantages they offer.
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STM Group has entered into a conditional agreement to acquire UK Sipp provider London & Colonial and its subsidiaries for nearly £5.4m ($7.2m, €6.4m).
IVCM, formerly Brooklands Pensions, is reopening its New Zealand recognised overseas pension scheme (Rops) and will include funds managed by Emirates NBD Asset Management and Vanguard Investments Australia.
Old Mutual International saw a sharp drop in sales of qualifying recognised overseas pension schemes (Qrops) following the introduction of UK pensions freedoms in April last year.
