Leading Fiduciary Services Provider, Abacus, are pleased to announce the launch of their new Malta QROPS product, The Falcon Plan.
The Falcon Plan QROPS, a joint initiative between fiduciary and fund services specialist, Abacus, based in the Isle of Man and Malta and financial services company, Carey Group in Guernsey, has received approval in Malta and is listed as a Qualifying Recognised Overseas Pension Scheme (QROPS) having been approved by HM Revenues and Customs (HMRC) in the UK.
The Falcon Plan is designed to be flexible yet fully compliant and is regulated by the Malta Financial Services Authority and written in accordance with Maltese legislation. The innovative scheme, which is carefully designed to allow maximum flexibility within the appropriate pension rules, is principally available to individuals who have left the UK permanently, individuals who are in the process of leaving the UK permanently and Maltese residents.
Abacus Corporate Services Limited is licensed by the MFSA as a retirement Scheme Administrator and will be acting Trustee and Scheme Administrator to the Falcon Plan, providing retirement administration services to its scheme members.
Garry Crossan, Chief Executive Officer of Abacus Corporate Services Limited, said: “Using our partner networks, The Falcon Plan is the first of many retirement solutions we are looking to offer international expatriates.
The Falcon Plan is an individual pension arrangement which gives its members the ability to retain the freedom of investment and control currently enjoyed in their existing SIPPs and SSASs. As a renowned fiduciary and fund services specialist, Abacus is experienced in the administration of Corporate International Pension Schemes and is licensed to provide a full range of administration and fiduciary services to support our QROPS product. This together with having an office based in Malta, means we are ideally situated to assist international expats in the provision of a suitable QROPS product as well as acting as Trustee and Administrator to their scheme.”
Paul Kneen, Director of Abacus Corporate Services Limited, said: “Choosing the right location for a QROPS is essential. Malta is a financial centre, internationally recognised and respected as a jurisdiction of excellence. Having reformed the QROPS landscape, it is predicted that Malta will fast become one of the leading jurisdictions in this arena attributed to the Island’s significant advantages for approved pensions.”
Tim Bush, Director at Carey group, service provider to Abacus for the new scheme, said: “We are delighted that a QROPS solution is once again available for the expat community. We are pleased to be able to facilitate this product in conjunction with Abacus and look forward to seeing its development and progress going forward.”
The official launch of the product took place at the Abacus Malta offices in Mriehel in the form of an Autumn Drinks Networking event on Wednesday 2nd October.
Category: Finance & Business