Novia Global, a UK-based platform aimed at international advisers and wealth managers which launched last year, has unveiled a new overseas pension scheme that it says will be administered by by Dominion Fiduciary Services in Malta.
Dominion Fiduciary also will serve as the sole trustees, Novia said, in announcing its new Novia Global Retirement Account, as the scheme is called.
In a statement, Novia said the new QROPS (or “ROPS”, as HM Revenue & Customs now suggests such schemes to be called) would enable advisers “to combine the full benefits of an online ‘straight through processing service’, encompassing a broad asset range, with the flexible tax efficient properties that a QROPS can provide”.
It said the Novia Global Retirement Account (Novia GRA) was a defined contribution arrangement and had been designed to provide flexible retirement benefits to each member, as well as death benefits to individuals nominated by the plan’s member.
There is no minimum or maximum investment amount, Novia said, while advisers are given access to the accounts – via a Novia channel – to a range of portfolio construction, asset allocation and risk assessment tools, as well as the ability to “automatically re-balance, switch without incurring fees (excluding equities), and back test against benchmarks”.
“The GRA also offers a multi-currency service…access to [more than] 45 fund managers, and fully automated, 24-hour online trading,” Novia said.
Novia didn’t provide details on how it planned to charge for Novia GRA.
Novia Global received its authorisation from the UK’s Financial Conduct Authority last September. It is based in Bath, and was set up to target international advisers and wealth managers with a wide universe of asset choices and currencies, supported by technology supplied by Australia’s GBST Wealth Management.