Under the new structure, for clients with a pension fund of less than £100,000, advisers will be able to offer the lite QROPS which has reduced fees – an initial fee of £300 and an annual fee of £500. The product has been made available in conjunction with Skandia and Royal London 360 bonds.
The announcement follows the launch last week of Momentum’s first Isle of Man domiciled QROPS.
John Batty, head of pensions at Momentum, said: “Our research has identified a demand from professional advisers for QROPS products aimed at those clients with small pension funds.
“We have therefore launched a new charging structure to support this demand. The Lite product will complement our Plus and Pro QROPS solutions, giving the client and professional adviser complete choice and flexibility.”