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Firm sets up NZ deal

Offshore Qrops has launched a New Zealand scheme allowing UK savers to transfer their pensions into a registered superannuation in the country.

The product has a zero entry fee and a trustee fee of 0.5 per cent of the fund value a year although there is an early withdrawal fee of up to 4.5 per cent if clients remove their funds within five years of joining the Qrops. There is also a £3 per member per month administration fee and the group says audit costs may be absorbed by the trustee initially but in due course split between member funds.

The investment manager will charge an annual fee equal to 0.95 per cent of the market value of the managed assets within the fund and the trustee, acting as custodian, will not charge initially but reserves the right to charge 0.125 per cent of assets up to £92.30 at a later point.

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