STM Group PLC has announced a zero establishment fee in changes to its QROPS pricing structure.
Implemented with immediate effect, the company has introduced the zero establishment fee for all new applications received before the 31 October.
The zero fee is applicable across all ‘stand-alone’ STM QROPS products, including Australian and US QROPS, and also includes the QROPS Smart – STM’s one-stop packaged solution that incorporates a life bond issued by STM Life Assurance PCC PLC. In addition to this, the company said that the annual trustee fee of its ‘stand-alone’ QROPS products have also been reduced.
STM said that it is keen to retain a fully transparent all inclusive structure rather than a menu of costs which can add significantly to published rates. This concept has also been carried through to QROPS Smart to include all custody and dealing fees.
The bond fees within the Smart packaged solution have also been revised following exceptionally positive feedback and uptake on the recently launched STM Life Portfolio Bond.
Iain Farr, head of group distribution at STM group, said: “Our challenge was to establish a price point that allows our pricing structure to remain 100% transparent while still continuing to be one of the small number of QROPS providers that do not charge additional fees.
“This will ensure our traditional strengths of service, expertise, and unique products are complemented by a compelling price point that will help the group to deliver substantial new business and annuity income.”