Skandia and Concept unveil QROPS ‘lite’
From Retirement Oct 31 2011 BY: Will Jackson
, Contributing editor
, International Adviser
Royal Skandia and Concept Group have created Aurora Quantum Lite – a QROPS with a fee structure aimed at clients with transfer values of less than £75,000.
The announcement follows similar launches from other QROPS providers targeting investors with smaller pension pots.
Aurora Quantum Lite has an annual charge of £295 for clients aged 45 and under, £395 for 46 to 50-year olds, and £495 for applicants over 50. The scheme has a one-off set up fee of £295.
In addition, Aurora Quantum Lite allows investors to make lump sum top-up contributions for an initial £150 fee, and a £150 annual charge. This facility has also been extended to Aurora Quantum, which has higher fees and is aimed at investors with transfer values of over £100,000.
Roger Berry, the managing director for Concept, said: “We have seen demand build for smaller transfer values and have introduced a new lower charging structure for Aurora Quantum – Quantum Lite – where the transfer is under £75,000 and the client has longer to go until retirement.
“For many existing Aurora Quantum customers, the natural progression is to pay in additional, non-UK tax relieved, funds, especially where the transfer fund is relatively small. We have therefore responded and extended Aurora Quantum to allow additional contributions.”
As International Adviser reported in August, Belvedere, another Guernsey-based provider, unveiled a QROPS ‘lite’, aimed at investors with pension pots of just £20,000. Other firms, including STM Fidecs and AML Global Solutions, have launched ‘nil-cost’ QROPS offerings.