The Aurora Europa Pensions Trust and Aurora Europa Pensions Contract mark the Guernsey-based company’s first product launches since HM Revenue & Custom’s delisted all but three of Guernsey’s QROPS schemes in April 2012.
The company said its new contract scheme is believed to be the first non-trust based multi-member QROPS available in Gibraltar.
It added that the product has been developed to offer potential clients an alternative to traditional trust based personal pensions by giving them an “affordable” way to access the international pension market.
Managing director, Roger Berry, said he hopes the product will provide a “useful alternative for some individuals”.
On the launch of the trust option, Berry added that the company hopes to satisfy the “significant demand” from its network of intermediaries.
The trust-based scheme has been launched with an initial established fee of £595 and an annual management fee of £795. The contract-based scheme has a discount of £100 on both the initial fee and the annual management fee.
They are open to both Gibraltar resident and non-resident members, and withdrawals will be subjected to 2.5% income tax at source.
“Straightforward tax regime”
The products were first announced in January, with Berry telling International Adviser that Concept had “prioritised” Gibraltar ahead of other QROPS jurisdiction because of its EU status and “straightforward” tax rate.
“While other jurisdictions may have more double tax treaties, in many circumstances the time and costs of dealing with these will be trumped by the ease Gibraltar offers,” he said at the time.
Concept’s business took a large blow in April 2012 when HMRC delisted 310 of Guernsey’s QROPS schemes, declaring that overseas pensions schemes established in Guernsey under its S157E regime could not be used by non-residents.
Ironically, the S157E regime had been brought in that month to cater to the government body’s growing concerns surrounding overseas pensions on the island. It had been designed as a “one-size-fits-all” pension that could be open to islanders and non-residents alike, with no Guernsey tax due on benefits paid.
A statement from Concept at the time said HMRC’s actions appeared to be “specifically designed to frustrate” the new law.
