Guernsey: New QROPS Product Now Available
Last Updated: 7 October 2013

Abacus and Carey Group introduce new available QROPS product

Introduced by HMRC in 2006, Qualifying Recognised Overseas Pension Schemes (QROPS) have provided a means for UK expatriates to transfer their pension arrangements out of the UK and place them into a scheme recognised by HM Revenue and Customs (HMRC) in the UK, known as a QROPS.

Abacus Corporate Services Limited (ACSL), part of leading fiduciary and fund services specialist group Abacus, based in the Isle of Man and Malta, have undertaken a joint initiative with pensions and benefits provider, Carey Group in Guernsey, resulting in a new QROPS product once again being available to the expat community.

The Falcon Plan is a flexible scheme available under Maltese legislation, regulated by the Malta Financial Services Authority. It has been approved by HMRC in the UK and has been listed as a QROPS on the HMRC website.

Chief Executive Officer at Abacus in Malta, Garry Crossan stated: "Choosing the right location for a QROPS is essential. Malta is a financial centre, internationally recognised and respected as a jurisdiction of excellence. Having reformed the QROPS landscape, it is predicted that Malta will fast become one of the leading jurisdictions in this sector due to the Island's significant advantages for approved pensions."

The Falcon Plan is an individual pension arrangement which gives its members the ability to retain the freedom of investment and control currently enjoyed in their existing plans.

Tim Bush, Executive Director at Carey Pensions and Benefits Limited, service provider to Abacus, explains: "Malta is a leading jurisdiction in the growth of QROPS products while other jurisdictions have become less favoured due to changes in HMRC legislation. As a full member of the European Union, Malta is further strengthened by its 60 plus double tax treaties and its responsible regulatory framework; attributes which provide a manageable infrastructure to promote a QROPS product in one of southern Europe's most robust economies".

Mr Bush continued: ". We are confident that the Falcon Plan will prove to be a well maintained and responsible product and our reputation in positioning ourselves correctly within the QROPS sector and its governing regulations, will be enhanced by our new relationship with Abacus who shares similar values of responsible compliance."

Paul Kneen, Director, ACSL, added: "As a renowned fiduciary and fund services specialist, Abacus is experienced in the administration of Corporate International Pension Schemes and is licensed to provide a full range of administration and fiduciary services to support our QROPS product. This together with having an office based in Malta, means we are ideally situated to assist international expats in the provision of a suitable QROPS product."

The official launch of The Falcon Plan took place on 2nd October at the Abacus Malta offices in Mriehel in the form of an Autumn Drinks and Networking event.

ACSL, regulated by the MFSA, will act as Trustee and Administrator to the scheme. DPZ Capital Ltd in Jersey has been appointed to supply an investment solution, although other solutions may be available. Carey Group provides a range of international and domestic pension solutions through its offices in Guernsey and the UK.

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