In response to strong market demand from individuals with pension assets of less than £75,000, Castle Trust Group has introduced a second Qualifying Recognised Overseas Pension Scheme (QROPS), the Equus Silver Retirement Annuity Trust Scheme registered in and managed from Gibraltar.
Equus Silver has been added by the UK HMRC tax authority to its official list of recognised QROPS, and offers a market low set-up cost of £299 and the same level of annual management fee to appeal to those with smaller pension pots.
Steven Knight, Castle Trust Group Chairman explains: “This new QROPS aims to make the management of pensions as simple and inexpensive as possible without compromising on investment choice.” Equus Silver provides maximum flexibility,offering over 1000 funds in seven currencies.
“It will particularly benefit the many people who have lower value portfolios that otherwise would adversely suffer from high minimum professional charges on the management of their pension. At this level, Equus Silver is directly comparable with the cost of providing a UK SIPP”, he said.
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A number of investment bonds, particularly suitable for pension portfolios of this level, can be utilised, including those issued by Skandia, Royal London 360, Generali and Friends Provident International, maintains Castle Trust.
Castle Trust’s initial Equus Retirement Annuity Trust Scheme, launched in 2009, is one of Gibraltar’s oldest HMRC listed QROPS.
Knight, who is also chairman of the Gibraltar Association of Pension Fund Administrators (GAPFA), remarks: “Our members have seen strong demand across the board for QROPS managed from Gibraltar, which gives the certainty of a low 2.5 per cent tax rate and a pragmatic approach to determining fair distribution levels using bespoke actuarial input.
Gibraltar QROPS for ‘smaller pension pots’ launched continued…
“Gibraltar-based QROPS offer a powerful proposition. The whole of the Gibraltar pensions sector aims to ensure its reputation is retained at the highest level internationally,” Knight adds.
Issued by Castle Trust & Management Services Limited
on behalf of the Castle Trust Group
Company No 46030—Regulated and authorised by the Gibraltar Financial Services Commission
(FSC) No 00229B