New Zealand specialist pulls out of the market
New Zealand-based Qrops firm Southern Star Retirement Fund has withdrawn from the market.
The firm said last week the fund will be wound up from June 30.
It blames uncertainty about the future of the current Qrops transfer system and the effect of possible regulatory changes in New Zealand.
A statement from the firm says: “This decision was taken after a review of the scheme’s recent member expectations and the value proposition we offer.
“The directors believe there is considerable uncertainty regarding the future of the present Qrops transfer system and have an expectation of changes being put in place by regu- lators which are likely to streng- then the retention requirements for members of New Zealand retirement schemes.
“We very much regret this course of action. The directors felt that the best time to cease taking new members would be April 5 to coincide with the end of the UK tax year.”
The company says that all contributions remain securely held in the fund and will be distributed in accordance with the fund trust deed and New Zealand legislation.