Skandia said after launching its Aurora Quantum QROPS with Concept earlier this year it had received significant demand from advisers for a QROPS-compatible version of the TVAS system.
The new service is available through Skandia for six months at a reduced rate of £200, with an ongoing special rate for those who sign up during the introductory period. However, form February any new licence requests will be charged at the normal Selectapension annual QROPS rate of £500.
The TVAS system is designed to provide the annual yield required from the transferring pension fund to leave the customer with a fund at retirement equivalent to that if they stayed in their existing pension arrangement. The new system builds on this principle by allowing advisers to include customer-specific tax and regulation information relating to both the QROPS jurisdiction and the customer’s country of residence.
“Outside the UK there is broadly less regulatory need to provide pension customers with a TVAS report,” said Skandia International Marketing Manager Phil Oxenham.
“However, with QROPS appealing predominantly to UK expats, they have a level of expectation and knowledge which makes a TVAS helpful to the advice process. Both in the UK and internationally advisers wish to be able to support their advice with independent calculations as well as providing a detailed audit trail. In recognition of these demands, we have selected Selectapension to build, deliver and support a professional unbiased solution at a competitive price.”
