The new lite QROPS is designed for pension pots of up to £100,000 in value, with fees set at €400 initial and €600 annual. The original, full scheme was launched in December 2012.
Sovereign said the product is flexible in terms of investment options “accepting most life company bonds together with other asset management products”. Although, the company added, as is usual with a Qualifying Recognised Overseas Pension Scheme, the investment option must be approved by the trustee.
Gerry Kelly, group finance director of the Sovereign Group, said, with the new scheme, the company now had QROPS lite and mainstream QROPS products in Malta, Gibraltar and the Isle of Man, the only trustee to do so.
In addition to the launch of the new scheme, Sovereign said Matt Tailford had been appointed as pensions technical manager, to be based in the firm’s Dubai office.
Tailford joins from Dubai headquartered Brooklands Pensions which he joined in March last year as business development manager for the Middle East.
In his new role at Sovereign, Tailford will have responsibility for the Middle East and African markets, as well as providing technical support for the group.
