POWERED BY MOMENTUM MEDIA
NZ company pulls out of QROPS
A New Zealand company dealing with pension arrangements under the UK’s Qualifying Recognised Overseas Pension Scheme (QROPS) has written a letter to clients and distributors announcing its intention to “withdraw from the international QROPS” marketplace, citing uncertainty about the future of the system.
The company, Southern Star Administration Limited, which had been promoting the Southern Star Retirement Fund, said the decision had been taken after a review of the scheme’s recent member expectations and the value proposition the company offered.
“The directors also believe there is considerable uncertainty regarding the future of the present QROPS transfer system, and have an expectation of changes being put in place by regulators which are likely to strengthen the retention requirements for members of New Zealand retirement schemes,” the letter said.
The decision by the New Zealand company follows on from reports that the UK Government is contemplating tightening the rules regarding QROPS arrangements — something that could affect the operations of financial advisers in both New Zealand and Australia.
AUTHOR
Mike Taylor
Recommended for you
The Super Members Council has outlined a bold reform plan to boost productivity, lift retirement savings, and unlock super’s full potential.
Women beginning their careers in 2025 could retire with hundreds of thousands of dollars more in super due to the 12 per cent super guarantee rate, HESTA modelling shows.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
