MC Trustees is launching what it believes is the first Qrops based in Malta.
It says the scheme has been accepted by HM Revenue & Customs as a qualifying recognised overseas pension scheme. It will initially have its administration outsourced to MC Trustees in the UK with the Malta company, MC Trustees (Malta) Limited, taking over as soon as possible.
The scheme will be audited by PricewaterhouseCoopers and will also offer a wrap platform which will enable assets to be managed online.
Managing director Martin Cadman says: “We believe we are the first company to get approval for such a scheme established in Malta. Malta is a full member of the European Union and anybody who transfers to our scheme will have the benefit of all the protections afforded by EU legislation.
“We have a maximum charge of £5,000 per annum, irrespective of the size of the fund, and think that this makes us very competitive for larger funds.”
AES International Managing director Sam Instone says: “It is great that more properly authorised schemes are being set up as it provides excellent financial planning opportunities for the right types of clients if they are properly advised.”