The STM Gibraltar (AUS) Superannuation Scheme is included on HMRC’s Rops list and has also been recognised by the Australian Tax Office (ATO) as a foreign superannuation scheme (Foreign Super).
The scheme is available worldwide and offers all the advantages of a standard Qrops with the additional benefit of complete certainty of tax treatment for those individuals resident (or likely to become so) in Australia, the company said in a statement on Thursday.
Foreign Super status is subject to well established tax rules in Australia which ensure that the ATO does not tax any growth arising within the scheme. In addition, these schemes offer advantages for clients who ultimately wish to transfer monies into an Australian superannuation fund.
‘Since moving to Australia I’ve been overwhelmed by the demand from financial services professionals for a tax efficient pension transfer solution,” said Stuart Denness, managing director of STM Australia.
“With 1.3 million British expats already in Australia, we expect demand from Australian resident expats to be high.
“It is also important to bear in mind that the product is available worldwide and with as many as 50,000 UK nationals emigrating every year plus returning Australians, there is likely to be significant interest from those who are not yet Australian resident,” he said.
STM said it was also looking at opportunities to enter the Australian retail superannuation market with the intention of being able to provide clients with a full service solution.
Iain Farr, STM Group’s head of distribution said: “the establishment of STM in Melbourne demonstrates our commitment to servicing this market and further bolsters STM’s position as the leading provider of international retirement solutions.”
STM’s new expat super market follows the launch by IVCM, formerly known as Brooklands Pensions, of its Australian Expatriate Superannuation Fund in August.
