The OTAP International Pension Plan has a minimum investment of £25,000 and both the initial and annual fees are £600.
The appointed investment managers to the new product are Kleinwort Benson which provides access to a range of multi asset actively managed portfolios.
David Higgins, director, Overseas Trust & Pension said: “New Zealand is the only jurisdiction that offers clients the advantage of getting their pension income paid gross of tax without the complexity of having to rely on double tax treaties. This makes New Zealand a very efficient, simple and easy to use jurisdiction.”
The trustees and administrative manager of the scheme are Endeavour Fund Trustees and Endeavour Fund Administration, based in Auckland, New Zealand.
David Milner, director of New Zealand based Endeavour Fund Administration said: “The market has generally suffered with a lack of product since April last year and this joint venture with OTAP is an important step in rectifying this position.”
Milner added that the integration between QNUPS and QROPS means that the level of benefit that can be taken from this scheme is higher than most QROPS. This is because growth on tax relived funds is not restricted and “the computation of the level of pension benefit is not limited to GAD after five years’ absence from the UK, but based on mortality and expected investment returns”.
The scheme is registered with and regulated by New Zealand’s Financial Markets Authority and it is recognised by the New Zealand Inland Revenue Department for tax purposes.
In November last year, Kleinwort Benson announced that it was to sell all of the offshore retail and pensions trust business it acquired from Close Brothers in 2011 to QROPS and QNUPS specialist, Overseas Trust and Pension.
