The QROPS switcher scheme includes free set-up, no administration charges for 12 months, and the immediate ability to transfer into any other Momentum scheme at no cost.
From 6 April, QROPS users will be able to withdraw 100% of the funds in their policy, after the previous need for 70% of the funds in the scheme to provide an income for life was removed by HMRC in December.
Momentum’s chief executive, Stewart Davies, said: “Recently, we have seen an increase in demand to transfer current QROPS to Momentum.
“This switcher scheme will assist in facilitating existing QROPS business.”
Director John Batty said waiving the transfer fee would make switching QROPS cheaper for clients who will be charged an exit penalty when leaving their current scheme.
“There is a lot of talk about pensions at the moment with full-flexibility being introduced in the April reforms,” he added. “If you are in a scheme that does not have a lot of flexibility then you may want to transfer to future proof yourself.
“The UK and Malta have already introduced full flexibility, and it may be that the Isle of Man and Gibraltar follow suit at some stage.”
In December, HMRC introduced proposals to grant QROPS full flexibility, bringing them in line with plans announced in March’s Budget by chancellor George Osborne.
Shortly after this, the Malta Financial Services Authority altered its legislation to mean that Maltese QROPS are now subject to HMRC’s rules rather than local legislation, enabling them to take advantage of the flexibility.
Momentum has four fully regulated offices in Mata, Gibraltar, the Isle of Man and the United Kingdom, and sits on the panels of RL360, Friends Provident, and Old Mutual.
