QROPS scheme reopens

IVCM, formerly Brooklands Pensions, is to reopen its original New Zealand PIE QROPS to new members with the inclusion of funds managed by Emirates NBD Asset Management and Vanguard Investments Australia.

The IVCM (NZ) PIE Superannuation Fund closed to new members in December 2014 following the introduction of the Financial Markets Conduct Act, and lower than expected client numbers, which IVCM said were mostly due to under performance of the absolute return strategies within the fund at the time.

Paul Evans, group chief executive, said: “It has been a pleasure to re-open this fund to new members as well as bringing these new fund managers into the NZ PIE QROPS Fund as they introduce a greater range and pedigree to the investments being offered. With the added inclusion of good quality AUD investment options, we expect this QROPS will also appeal to Australian investors.”

Dannie Fox, regional managing director, said New Zealand did not have to rely on double tax treaties to be effective.