After some of the QROPS providers Skandia had previously worked with were removed from HMRC’s list of approved schemes due to new QROPS legislation, the Old Mutual subsidiary has now re-entered the offshore pension market with new partners.
Skandia has now partnered with QROPS providers MC Trustees in Malta, Boal & Co in the Isle of Man as well as Momentum Pensions which operates in both.
Despite attention from HMRC it seems that expat interest in QROPS is as vigorous as ever.
Skandia’s Head of product law and commercial development, Rachael Griffin, says, “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.
“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.”