With more than half a million Irish expats living across the UK, US, Australia, Canada and the Middle East, STM Malta has launched a “niche product” to cater to the retirement needs of this growing market.
Deborah Schembri, managing director of STM Malta, said the firm’s EU retirement benefits scheme (EURBS) product expands the range of pensions offered by the cross border financial services business.
“We know that there is great potential out there in the Irish expat market and we look forward to working with our current network and new IFAs to maximise this opportunity.”
The decision to roll out the EURBS was driven by statistics that highlight “the huge potential global market” for the product, STM said.
The firm cited the latest figures from the Irish Republic’s Pensions Authority and Central Statistics Office, which estimated that 28,000 Irish nationals left to live abroad in the year to April 2019.
The level of emigration has consistently been at this level in recent years.
The EURBS is targeted at individuals who:
- Are a member of a Republic of Ireland occupational pension scheme with a transferable preserved benefit where the qualifying service in employment relating to the scheme exceeded two years and terminated (otherwise than on death) before normal pensionable date.
- Wish to transfer that pension for bona fide reasons (eg retiring overseas and wanting to consolidate pensions) and not for the purpose of circumventing Republic of Ireland pension or tax rules.
- Are tax resident outside the Republic of Ireland and intending to remain so.
- Have no intention to retire to the Republic of Ireland.