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The news was confirmed by financial firm STM Group, which has spent months on putting together an offshore pension scheme that meets HM Revenue and Customs and Commissioner of Income Tax Gibraltar rules.
Other schemes are still observing their transfer ban, leaving STM Group the only Gibraltar QROPS provider accepting transfers of funds from UK pensions.
“While full details of the new scheme are being kept confidential for obvious reasons, it is the expertise on QROPS and the detailed knowledge of the Gibraltar taxation system that has allowed STM to lead the way in resolving the Gibraltar QROPS crisis Wholesale Chelsea Jerseys ,” said David Erhardt, Pensions Director of STM Group on the firm’s web site.
STM Group also offers a multi-jurisdictional QROPS and a Malta QROPS.
Another industry source in Gibraltar also suggested that other firms may soon break the QROPS transfer embargo and that the government is about to announce negotiations with HMRC have led to a resolution of their disagreement over tax for pensioners.
The argument has raged between London and Gibraltar for almost two years as HMRC and the Treasury disputed that Gibraltar’s zero rate income tax for pensioners complied with QROPS rules.
Meanwhile, STM Group has also announced a Gibraltar Qrops lite product that gives pension investors all the benefits of a QROPS plus a choice of investment funds linked with the Prudential.
STM Group sees the Gibraltar QROPS lite as an alternative to other low-cost QROPS – giving clients direct access to a Prudential investment fund manager.
The group says that the Qrops is the first product to offer a transfer to a QROPS without entry cost. To find out more contact the leading advisory firm, QROPS.net
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