The new scheme will be registered as a QROPS with HMRC in the usual way until the new legislation, due to be passed later this month, is enacted by the UK government. At this point it is anticipated that the scheme will be transferred into a new form of pension which is compliant with the new legislation.
According to ATSG, the product, called the ATSG Shearwater Pension Plan, was trialled with close cooperation from members of the Federation of European IFAs. John Ferguson, managing director of ATSG, said feedback from these IFAs suggested it was highly important the trust company chosen to operate the product had “technical expertise” in the area.
The new flat rate QROPS has no formation fees, a “competitive” annual fee and a low minimum transfer value – making it potentially attractive to those with smaller pension pots to whom QROPS are not always available.
Adrian Howe, pensions director from Marlborough, said: “The market sat up and took notice when ATSG launched their scheme last year and Marlborough, with our long established record of delivering first class customer service and extensive knowledge of pensions, are the ideal pension provider to partner this scheme with ATSG Funds.”
