Last checked at 17 Oct 2016 07:00
STM Group Plc
("STM", the "Company" or the "Group")
New Products Update
STM Group Plc (AIM: STM), the cross border financial services provider, is pleased to announce the launch of its Australian, superannuation qualifying, recognized overseas pension scheme ("QROPS") based out of Gibraltar. The Company had previously identified Australia as a target market and is pleased to have executed on the first phase of its pension solution growth strategy in Australia.
It is approaching two years since HMRC removed all Australian schemes from the QROPS list and, during the intervening period, the STM product development team have worked closely with Australian legal and tax specialists to develop a robust yet flexible retail solution.
The STM Gibraltar (AUS) Superannuation Scheme is included on the HMRC QROPS list and, importantly, has also been recognised by the Australian Tax Office (ATO) as a foreign superannuation scheme. The scheme is available to clients worldwide and offers all the advantages of a standard QROPS with the additional benefit of complete certainty of tax treatment for those individuals resident (or likely to become so) in Australia.
In addition, the Company is also pleased to announce the launch of its STM Malta Pension Contract Plan, which has been created to target predominantly civil law countries in Europe where trusts are not such a familiar concept.
Both the Foreign Superannuation Scheme and the Contract based plan complement STM's existing international pension product range.
Commenting on the product launches, Alan Kentish, CEO, said:
"Our ambition to be recognised as the leading provider of international retirement solutions is greatly strengthened in the market by the Group's product and business development activities. We are constantly reviewing both product and regional options to identify gaps in the market to proactively meet client demand.
"With 1.3 million British expats already in Australia, we expect demand from Australian resident expats to be high. It is also important to bear in mind that the product is available worldwide and with as many as 50,000 UK nationals emigrating every year, and not forgetting the returning Australians, there is likely to be significant interest from those who are not yet Australian resident."
For further information, please contact:
STM Group Plc |
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Alan Kentish, Chief Executive Officer alan.kentish@stmgroupplc.com | Tel: 00 350 200 42686 www.stmgroupplc.com |
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Therese Neish, Chief Financial Officer therese.neish@stmgroupplc.com | Tel: 00 350 200 42686
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FinnCap | www.finncap.com |
Matt Goode / Emily Watts - Corporate Finance Mia Gardner - Corporate Broking | Tel: +44 (0) 20 7220 0500 |
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Walbrook | www.walbrookpr.com |
Tom Cooper / Paul Vann | Tel: +44 (0) 20 7933 8780 |
| Mob: +44 (0) 797 122 1972 |
| tom.cooper@walbrookpr.com |
Notes to editors:
STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.
Today, STM has operations in Gibraltar, Malta, Jersey and Spain. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has developed a specialist international pensions division which specialises in Qualifying Recognised Overseas Pension Schemes (QROPS), Qualifying Non UK Pension Schemes (QNUPS). STM has a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
Further information on STM Group can be found at www.stmgroupplc.com