The insurer hopes to launch the qualifying recognised overseas pension schemes within the coming weeks but still has some details to finalise.
Group chief executive Kenneth Wrench says: “If a product is within the EU, as both those jurisdictions are, then that is a fair comfort to lots of people as they have the same legislation as the UK and are both very well regulated.”
Wrench considers that Qrops have the potential to compete with self-invested personal pensions as a more mainstream product.
“Traditionally, people talk about Qrops in the context of expatriates and people who intend to go abroad but we are going beyond that now.”
Montfort International managing director Geraint Davies says: “Qrops should only be handled by the very best advisers. IFAs should not get sucked into it because it is flavour of the month, it could be misselling waiting to happen. My fear is that the wrong people are advised into Qrops and the right people are not.”