Expert QROPS resource launched by Dominion
Aug 2011
The Dominion EU QROPS is a bespoke overseas pension arrangement that comprises a number of plans that have been registered with HMRC as a QROPS.
The plans are designed mainly for individuals who wish to improve upon their tax profile of any UK registered pension plan that might be held. There are also a number of non tax advantages that can be transferred by the Dominion EU QROPS that can be analysed for holders of UK registered pension plans on a case by case basis. Ultimate security is afforded to the scheme through the Maltese Financial Services Authority (who oversees its operation) and it is audited on an annual basis by KPMG which helps make the Dominion EU QROPS the QROPS of choice for expert advisors and informed pension holders.
The Dominion EU QROPS is entitled to provide pension benefits in accordance with Maltese Domestic Pensions Legislation and there is no requirement to mirror UK pension rules, meaning there is no statutory override that would apply to the majority of schemes established outside the UK, including Guernsey and Isle of Man.
The new website helps inform clients and intermediaries of the general benefits of a QROPS against a UK Registered Pension Scheme (RPS), the key benefits associated to the Dominion EU QROPS, an overview of the different qualification criteria which jurisdictions have to go through in order to be recognised by HMRC as a QROPS and the subsequent advantages that are available to Plan Members of a QROPS operating inside the EU. In addition, a secure technical download service is offered which includes private login access to technical QROPS supporting material, application packs to become a member, and copies of Dominion’s transparent fee structure.
In a vastly competitive and apparent ‘opaque’ QROPS market place, Dominion is committed to offering a clear, informed and transparent approach to the QROPS service it offers. Although there are fully regulated pension industries in a number of countries outside of the EU, as well as mature international pensions industries in the British Protectorates, Dominion considers these jurisdictions from a QROPS perspective to present potentially a higher level of risk for advisers, service providers and clients when compared to a QROPS established in the EU; particularly in Malta.
Ben Cooke, Chief Executive Officer of Dominion, commented: “There are many obvious and sometimes less obvious advantages in basing QROPS arrangements within the EU, particularly in Malta, when compared to using QROPS that are located in other jurisdictions. Our in-house UK and international tax specialists are able to support client advisors in the advice they provide to clients that can include tax treaty analysis and the implications of Finance Act 2011 - that is relevant for most pension advisors. The demand from the advisors that we work with has lead to the creation of a website that can provide a significant amount of technical information free of charge to clients and advisors alike.”
For further information about the website or for any dedicated queries related to QROPS and the Dominion EU QROPS, please contact a member of the Dominion New Business Team:
Telephone: +44 (0)207 747 1115
Email: qrops@dominionfs.com
Website : www.dominioneuqrops.com