NZ QROPS offered in Australia
Garrison Bridge, the superannuation scheme run by Ralph Stewart's Lifetime Asset Management group and Christchurch advisory firm First Capital Financial Services, is chasing QROPs business in Australia.
Wednesday, January 11th 2017, 6:00AM
The super scheme, which gained QROPs approval last month, is now dual registered as a New Zealand and Australian QROPS retirement scheme.
“Following the many changes in QROPS since 2006, particularly the reduction to the ROPS list in 2015, we felt the New Zealand and Australian markets would benefit from a simple transparent superannuation scheme backed by a well-known manager specialising in retirement solutions. Garrison Bridge is a multi-currency offer, combining international index funds and simple fees with a tax effective structure”, Stewart said in a statement.
“We think the removal of the 70% income for life requirement, as indicated in the UK Autumn policy statement, provides increased certainty for New Zealand based superannuation schemes and removes confusion for investors”.
New Zealand is well placed as a financial hub for new migrants with 40 double taxation agreements currently in force, close connections with Australia including the Trans-Tasman Mutual Recognition Arrangement, and the ability to offer zero-rate or multi-rate PIEs for tax purposes.
The New Zealand regulatory environment has strengthened dramatically over the last two years, with the introduction of the Financial Markets Conduct Act 2013. This Act requires all managed investment schemes to be licensed from 1 December 2016 and to meet new issuing and disclosure requirements. “This is an excellent step forward for NZ managed investment schemes, improving disclosure and transparency is fundamental to investor protection” Stewart said.
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