Malta QROPS pensions soon to open for business

Malta’s Financial Services Authority is considering applications for two QROPS pensions.

Two financial firms already have licences to provide QROPS pensions, but they do not show on the latest HM revenue and Customs QROPS provider list.

Malta was added to jurisdictions that could host QROPS pensions in November 2009.

The next HMRC QROPS list update is expected about March 25.

Listed on the Maltese Financial Services Authority web site are:

MCT Malta Private Retirement Scheme

This firm was set up specifically to run a QROPS scheme by MC Trustees (Malta), which is under the same ownership as a small group of companies based in the United Kingdom that has administered Small Self Administered Schemes (SSAS) since 1986 and Self Invested Personal Pensions (SIPPS) since 1995.

The firm promises to offer old-style personal service with no automated call systems or call centres.

Melita International Retirement Scheme Trust of Sliema, part of Custom House Group that is run by Custom House Global Fund Services Ltd.

In 2008, one of the world’s largest independent trust companies, Equity Trust, was amalgamated with Custom House to create a joint venture. 

Equity Trust is the trustee of the ill-fated Singapore Panthera ROSIIP pension fund that is taking HMRC to court to challenge the removal of Singapore’s QROPS status in May 2008.

The company announced last month that they were in negotiations to launch a QROPS pension based in Malta.

Equity Trust has financial services operations in 30 countries worldwide.

Once the Maltese Financial Services Authority is satisfied the QROPS schemes meet HMRC rules, the fund managers can open for business and accept transfers from UK pension funds.

QROPS pension rules state that UK pension cannot transfer money to a QROPS until confirmed by local regulators as a compliant scheme.

QROPS Adviser is monitoring developments in Malta and expects to have product details as soon as the QROPS pensions are approved.