Isle of Man-based Boal & Co has launched its new Gibraltar QROPS, trafalgar pension scheme, after "extensive research" to give advisers multi-jurisdictional choice for their clients.
Trafalgar is tax-approved by the Gibraltar Commissioner of Income Tax and was registered with HM Revenue & Customs in the UK as a Qualifying Recognised Overseas Pension Scheme (QROPS) with effect from 16 May 2013.
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The addition of a Gibraltar QROPS aims to restore the multi-jurisdictional aspect to Boal & Co’s QROPS range, which had previously included a Guernsey-based QROPS, and sits alongside the Select plan, the firm’s existing Isle of Man QROPS.
There are several fee options offered by Trafalgar such as preferential fees on the new scheme, applicable to investment in Skandia and Friends Provident International offshore bonds, and standard fees applicable to other offshore bonds and approved platforms.
The ‘lite’ fee scale is subject to a maximum EUR75,000 pension transfer, with an initial fee of EUR495, while a launch offer fee of EUR695 to the end of September (normally EUR995) applies to the standard version.
Boal & Co managing director, Gary Boal, said: "We have closely monitored developments in several international finance centres and not all of them "came up to the mark.
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By GlobalData"We were impressed by the efforts put into QROPS development by the government of Gibraltar and, when it became clear that new Gibraltar legislation, including 2.5% tax on pensions, passed HMRC’s scrutiny, we initiated a 6-month project which led to us opening a company in Gibraltar in January," he added.
Sales director, Paul Forman said: "With the launch of Trafalgar, we are enabling advisers to choose from our range of QROPS that is going to be best suited to their internationally mobile clients. Choice, technical excellence, quality of service and speed of administration underpin our powerful QROPS proposition."
