NZ QROPS Offered in Australia

NZ QROPS Offered in Australia

Ralph Stewart, CEO of Lifetime Asset Management, believes the timing is perfect to launch a New Zealand QROPS superannuation scheme for NZ and Australian migrants. With over thirty years’ experience in New Zealand financial services, including Chief Executive of AXA New Zealand and the Accident Compensation Corporation, Stewart is well versed in the needs of investors, particularly retirees who have worked hard to build their retirement savings.

“We are pleased to manage the Garrison Bridge Superannuation Scheme (Garrison Bridge),an innovative dual registered NZ and Australian QROPS retirement schemes”, said Stewart.

“Following the many changes in QROPS since 2006, particularly the reduction to the ROPS list in 2015, we felt the NZ 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”, explained Stewart.

“We think the removal of the 70% income for life requirement, as indicated in the UK Autumn policy statement, provides increased certainty for NZ based superannuation schemes and removes confusion for investors”.

NZ is well placed as a financial hub for new migrants with forty 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 NZ regulatory environment has strengthened dramatically over the last two years, with the introduction of the Financial Markets Conduct Act 2013 (Act). 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.

Garrison Bridge received its QROPS registration earlier this week, is a licensed superannuation scheme with the Financial Markets Authority in NZ and meets the requirements of the Australian Securities and Investment Commission. The Garrison Bridge Product Disclosure Statement is available by contacting the manager, Lifetime Asset Management, or at garrisonbridge.co.nz

References:

Tax treaties: http://taxpolicy.ird.govt.nz/tax-treaties
Mutual recognition: https://fma.govt.nz/compliance/guidance-library/fmc-act/offering-securities-in-new-zealand-and-australia-under-mutual-recognition/

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