MC Trustees launch QROPS on Ascentric
19 August 2010
Independent wrap Ascentric today announces the launch of the MC Trustees QROPS (MCT Malta Private Retirement Scheme)
on the platform. It is the first QROPS to be launched on a UK wrap platform.
QROPS stands for Qualifying Recognised Overseas Pension Scheme. It is a pension scheme established outside the UK
but which is recognised by HM Revenue & Customs (HMRC). This recognition means that UK registered pension schemes
may be transferred to the QROPS.
The MCT Malta Private Retirement Scheme is principally aimed at customers with UK pension rights who have not been
resident in the UK for 5 complete tax years or are intending to permanently relocate out of the United Kingdom. The
pension scheme is based in Malta, a member of the EU, and has been approved by the Malta Financial Services
Authority (MFSA) as well as HMRC. By transferring existing UK pension benefits into the scheme, members are able to
legitimately move their pension arrangements from the UK tax regime. This means that, after the five years non
residence, any tax would be payable in the country of residence and not in the UK and that certain UK charges on
pension transactions will not apply.
MC Trustees is a group of companies that has been administering Small Self Administered Schemes (SSAS) since 1986
and Self Invested Personal Pension (SIPPs) since 1995. They look after 1,500 plans and hold around £1 billion of
client assets.
“The launch of the MC Trustees QROPS underlines our commitment to providing advisers with the widest possible
product range to meet the differing needs of their clients”, commented Richard Goodall Sales and Marketing Director
at Ascentric. “We have had significant demand from advisers for a QROPS to meet the pension needs of their clients
working overseas, and I am delighted to be working with such an innovative, forward thinking provider.”
Martin Cadman Managing Director at MC Trustees said, “We are very happy to have made this arrangement with
Ascentric. Our view is that more and more assets will be placed on platforms and that they will be particularly
valuable for clients who live in different time zones, and wish to review their investments when it suits them. With
this arrangement we believe that we will be able to significantly reduce the costs usually associated with managing
QROPS investments and pass that benefit on to the client.”
ENDS
For further information, please contact:
Ascentric
Dominic Ventham, Head of Marketing
Tel: 01225 787208, Mobile 07590 227039
Email: dominic.ventham@ascentric.co.uk
Issued by Concise Public Relations
Tel 0207 100 3960
Martin Wood
Mobile: 07946 527240, Email: martin@concisepr.com
Liam Jenkins
Mobile 07984 439968, Email: liam@concisepr.com
Notes to Editors
Ascentric and Fundsdirect are the trading names of Investment Funds Direct Limited.
Investment Funds Direct Limited was founded in 1982, and Fundsdirect launched as the UK’s first online fund
supermarket in December 1999. Since that time, the company has built on their reputation as a leading UK fund
supermarket to provide Independent Financial Advisers (IFAs) with a Wrap service under the brand name of Ascentric.
Ascentric is a whole of market Wrap service, available exclusively to IFAs and offers a fully integrated online
investment management and dealing platform. It also enables IFAs to transfer their clients’ assets onto a single
platform to provide them with the ability to manage their client’s financial needs in just one place. This is
obviously a considerable enhancement to the existing, time-consuming practice of IFAs introducing their clients to a
number of different product providers.
In October 2007, a majority holding of Investment Funds Direct Group Limited was acquired by Royal London Group.
For further information about Ascentric and Fundsdirect, please visit either www.ascentric.co.uk or
www.fundsdirect.co.uk
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market
which value quality propositions, operating through a number of brands:
• Scottish Life – UK pensions market
• Bright Grey – UK protection market
• Scottish Provident – UK protection market
• Royal London 360° – offshore investment markets
• RLAM – fund management
• RLAS – life and pensions administration
• Fundsdirect / Ascentric – funds supermarket; Wrap platform
Royal London also distributes life and pensions products through Santander’s UK branch networks.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £39.1
billion. Group businesses serve around 3.4 million customers and employ 2,890 people. Figures quoted are as at 30
June 2010.