One of the biggest names in personal finance is throwing its weight behind the expanding QROP scheme industry with moves to set up an Ireland domiciled market for the offshore pension transfer instrument.
The pensions giant is interested in partnering with an existing player in the Irish QROPS market and believes that the Irish government will change its regulations to allow ‘third country’ QROP schemes allowing the country to compete with other offshore jurisdictions such as the Isle of Man or Malta.
Prudential International's International Sales Director, Andrew Wallace unveiled the plans at an industry event explaining that before the HMRC delisted hundreds of QROP schemes including most of Guenrsey’s schemes “we would have said that the international QROPS market for non-residents was pretty well supplied.
“we think the withdrawal of most of the Guernsey QROPS from the non-resident QROPS market has thrown it out of balance, and there’s a lot less competition now.”
“The Irish rules are quite different from the rules in other jurisdictions, which gives rise to a lot of discussions, but thus far no one has identified any major problems.”
If you are an expat with a pension in the UK and would like to speak to an expat focussed Independent Financial Advisor please get in touch.