Guernsey pension provider adds to its range with new QROPS Wealth product

Friday 27 November 2009

Guernsey pension providers have the opportunity to provide a more comprehensive range of products within the QROPS market, according to Geoff Gavey, Managing Director of FirstRand Trustees.

Geoff Gavey said that the new QROPS market was finding a ready outlet among the legions of retired British citizens living outside the country who had no intention of returning. Although Guernsey’s finance industry has already tapped successfully into this new market, he believes there is room for more sophisticated products.

FirstRand Trustees, part of the South African based integrated financial services group, has launched a new wealth product known as ‘Directus’ in conjunction with its sister company, Ashburton. ‘Directus’ is a Qualifying Recognised Overseas Pension Scheme offering Ashburton investment products.

Geoff Gavey explained:

‘Our recent experience is that the market requires a greater variety in the options available and as a result, we have launched ‘Directus’ to complement our existing range.
The ‘Directus’ QROPS offers investors a pre-selected fund range from Ashburton, in line with its Multi Asset Cautious, Balanced and Aggressive portfolio strategies. This is coupled with a competitive fee structure and Ashburton’s active investment management approach and infrastructure.’

Ashburton and FirstRand Trustees have combined to offer competitive pricing models on the ‘Directus’ products; it is a cost effective and flexible pension scheme, which has been granted QROPS status by Her Majesty’s Revenue and Customs (HMRC) in the UK and is also approved under Guernsey law. The Scheme is open to all nationalities but is particularly beneficial for those individuals with accrued pension benefits in the UK and who have since left or are planning to leave the UK. Other nationals who have worked in the UK and have accumulated a UK pension scheme can also benefit.

Geoff Gavey added: “At FirstRand Trustees, we identified a need for an affordable QROPS offering a proven range of investment options to suit the needs of each individual.”

“’Directus’ is available to investors now and we are delighted to work closely with our sister company Ashburton on this initiative and believe it offers clients an easy, simple, and packaged access to an investment choice.”

FirstRand Trustees offers a range of other QROPS products – for more information please see: www.firstrandtrustees.com