IFast Financial, the Singapore-based investment platform, has agreed a deal to introduce a package of retirement products and services for Britons living in Asia, in conjunction with Momentum Pensions of Malta, and UK- and Dubai-based Brooklands Pensions.
Among the key products iFast plans to feature in its retirement suite are Momentum’s Malta-based QROP schemes, and Brooklands’ self-invested personal pensions.
IFAST said it was launching the new service at a time when Asia was fast becoming a popular retirement destination, both for UK expatriates as well as Asians who are returning home after working abroad, often in the UK.
At the same time, increasingly sophisticated Asia-based clients “demand a direct investment platform operating in Asia without an insurance wrapper, lock-in or mirror funds, [that] can support them [as well with a wide range of funds and services,” iFast said, in a statement announcing its new service.
The new service is due to launch on 5 Sept in Malaysia, 6 Sept in Singapore, and 7 Sept in Hong Kong.
Fees
IFast said it will charge £895 for both setup and annual trustee fees in connection with the Momentum QROPS, and £300 to set up and £250 annually for the Brooklands SIPP. Ifast’s annual administration fee is around 0.3%, and all fund-switching is free of charge.
Corporate pension clients of iFast pensions, such as BlackRock and INSEAD, will be able to access the services at corporate rates.
Ifast was incorporated in Singapore in 2000, and says it has more than $3bn assets under administration and some 300,000 client accounts.
