London & Colonial inks Organon QROPS deal
London & Colonial, a Gibraltar based insurer, has signed a distribution deal with UK offshore pension specialist the Organon Group through which its pension and investment services will be wrapped within a Guernsey QROPS.
London & Colonial, a Gibraltar based insurer, has signed a distribution deal with UK offshore pension specialist the Organon Group through which its pension and investment services will be wrapped within a Guernsey QROPS.
Organon will distribute London & Colonial’s high net worth wealth management solutions through its QROPS scheme. The tie-up will be known as the London & Colonial QROPS Annuity.
Ken Wrench, London & Colonial chief executive, said: “The offshore market has huge growth potential and the development of effective distribution in key offshore jurisdictions is an important part of our strategy. We believe this will lead London & Colonial to even higher levels of success.
“Organon has personnel with proven experience and success in our market sector and very much shares our philosophy of giving clients the flexibility, control and personal service to enable them to maximise the opportunities for investment, pension and tax planning."
London & Colonial recently launched an offshore bond into the UK market, while Manchester-based Organon, which has origins in pension trustee services, has been expanding its services to include a SIPP, tax planning and alternative investments.
QROPS rules
John Greenall, high net worth adviser for Organon, said it was vital for anyone considering a QROPS scheme to ensure it meets HMRC rules.
“The overriding principle that has informed Organon’s stance on the expatriate pensions market is that compliance of clients and trustees with the word and spirit of the UK HMRC rules is critical and that even after moving abroad the intention of a pension is to ‘wholly and completely provide an income in retirement for life,” said Greenall.