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Advisers predict further surge in QROPS sales


Advisers of offshore investments predict that sales of Qualifying Registered Overseas Pension Schemes (QROPS) will increase for the second year in a row, according to a recent poll by Skandia International.

The research shows that 68% of the more than 330 surveyed who advise on QROPS expect to write more QROPS business in the next 12 months. Only a tiny proportion (4%) expect to write less while 28% believe sales levels will remain the same.

QROPS are one of the financial planning considerations for UK expats who have already moved or are planning to move overseas to retire. QROPS can provide investment flexibility and currency options for investors who live abroad (or are about to relocate abroad). They are an effective way to consolidate UK pension assets gathered throughout someone’s working life in the UK and provide flexibility to allow retirement planning to accommodate their new lifestyle overseas.

Last month, Skandia International announced it is enhancing its exclusive charging structure with Guernsey-based QROPS provider, Concept. The bespoke version of Concept’s ‘Aurora’ product was first available a year ago and it is expected that newly priced Aurora Quantum will continue to thrive as advisers predict.

Phil Oxenham (pictured), marketing manager at Skandia International, says: “There are many reasons why clients with a UK pension scheme may consider transferring to QROPS – currency options, tax environment and no intention of returning to the UK are some of the examples.  As knowledge and awareness improves around the benefits and potential suitability of QROPS it does not surprise me that advisers are predicting a further surge in the use of the schemes in the coming year.

“QROPS have become an integral part of the international advisers’ advice process and therefore the popularity among overseas clients with UK pensions schemes will, in my view, continue to grow not just now but beyond the next 12 months as well.”

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