The MC Trustees Qrops, MCT Malta Private Retirement Scheme, has been launched on independent wrap platform Ascentric.

It is the first Qrops to be launched on a UK wrap platform.
 
Qrops stands for qualifying recognised overseas pension scheme. It is a pension scheme established outside the UK but which is recognised by HM Revenue & Customs. This recognition means that UK registered pension schemes may be transferred to the Qrops.
 
The MCT Malta Private Retirement Scheme is principally aimed at customers with UK pension rights who have not been resident in the UK for five complete tax years or are intending to permanently relocate out of the UK. The pension scheme is based in Malta, a member of the EU, and has been approved by the Malta Financial Services Authority as well as HMRC.

By transferring existing UK pension benefits into the scheme, members are able to legitimately move their pension arrangements from the UK tax regime. This means that, after the five years non residence, any tax would be payable in the country of residence and not in the UK and that certain UK charges on pension transactions will not apply.
 
MC Trustees is a group of companies that has been administering small self administered schemes since 1986 and self invested personal pension since 1995. They look after 1,500 plans and hold around GBP1bn of client assets.
 
“The launch of the MC Trustees Qrops underlines our commitment to providing advisers with the widest possible product range to meet the differing needs of their clients,” says Richard Goodall, sales and marketing director at Ascentric. “We have had significant demand from advisers for a Qrops to meet the pension needs of their clients working overseas, and I am delighted to be working with such an innovative, forward thinking provider.”
 
Martin Cadman, managing director at MC Trustees, says: “We are very happy to have made this arrangement with Ascentric. Our view is that more and more assets will be placed on platforms and that they will be particularly valuable for clients who live in different time zones, and wish to review their investments when it suits them. With this arrangement we believe that we will be able to significantly reduce the costs usually associated with managing Qrops investments and pass that benefit on to the client.”