The Boal & Co Malta Pension has received approval from the Malta Financial Services Authority (MFSA) and is also included in HM Revenue & Customs’ recognised overseas pension scheme list.
The addition of Malta as a jurisdiction complements its already established Isle of Man and Gibraltar Qrops offerings.
John Batty, technical sales manager of Boal & Co, said: “Following the recent changes in HMRC regulations regarding Qrops, the excellent regulatory environment in Malta and the ability to use flexi access has meant it has become a key jurisdiction for transfers from the UK for EU based residents.”
He added that Boal & Co will be offering transfers free of charge between its existing Qrops and the new Malta Pension scheme.
As part of the new arrangement, Boal & Co has teamed up with ITC International Pensions, a local Maltese retirement scheme administrator that will act as trustee to the scheme.
Mark Kiernan, Boal & Co’s chief executive, said: “We made the decision to work with ITC International Pensions to establish a Malta based Scheme in February 2016, culminating in an application to the MFSA in April 2016.
“This was a strategic change in our operating model having previously concentrated our Qrops sales efforts in the Far East. The addition of a Malta scheme largely completes our Qrops offering, and with the experienced team we have in place, I see Europe being a key market to enable us to continue our international growth.”