Malta-based Sovereign Pension Services said in a statement on 16 February it had acquired Azure Retirement Benefit Scheme, which is licensed and registered with the Malta Financial Services Authority (MFSA) as a defined contribution personal retirement scheme.

The Azure Retirement Benefit Scheme,which remains open to new members, was established by Integrated-Capabilities (Malta) Ltd (ICML) in June 2018 as a trust in Malta to provide a tax-efficient, low-cost pension solution to members. It can accept monetary contributions and transfers from any eligible pension arrangement, even those that are already in drawdown.

It is also permissible to transfer from the vast majority of UK-registered personal or occupational pension schemes because the Scheme is registered with the UK revenue authority (HMRC) as a Recognised Overseas Pension Scheme (ROPS). The Scheme is publicly listed on HMRC's ROPS Notification List.

The Scheme is recognised exclusively as a member-directed Scheme, which means that its members are required to direct any investments within their pension fund, either by applying for ‘Professional Member' status or by appointing a suitably licensed investment adviser or investment manager.

It further said the robust regulatory framework provided by the MFSA, coupled with Malta's full EU member status and established financial services industry, makes Malta an extremely attractive jurisdiction for international pensions.

Sovereign Pension Services Limited is licensed by the MFSA as a Retirement Scheme Administrator and is a member of the Malta Association of Retirement Scheme Practitioners (MARSP), which is primarily concerned with regulation, taxation and industry best practice.

Sovereign Trust (Malta) Limited is further authorised to act as a trustee or co-trustee to provide fiduciary services.

The Azure Retirement Benefit Scheme, which remains open to new members, will complement Sovereign's existing range of Malta-based pension schemes, which offer a variety of pricing models and diverse structures:

  • The Centaurus Retirement Benefit Scheme, a trust-based scheme that qualifies as a QROPS
  • The Centaurus Lite Retirement Benefit Scheme, a trust-based scheme that qualifies as a QROPS
  • The Kemmuna Retirement Benefit Scheme, a contract-based defined contribution personal pension scheme that qualifies as a QROPS
  • The Rinella Retirement Benefit Scheme, a trust-based scheme that qualifies as a Qualifying Non-UK Pension Scheme (QNUPS)

Sovereign offers retirement solutions from a number of different locations such as Gibraltar, Guernsey, the Isle of Man, Malta and the UK.

It provides QROPS schemes, offering a variety of pricing models and diverse structures (including both trust and contract-based schemes), as well as both international and UK domestic products.

Sovereign said it would review the Azure Retirement Benefit Scheme to ensure that members are being advised on their investment by appropriately licensed investment advisers and that all our due diligence documents are up to date. The scheme's constitutional document, particulars and investment restrictions have been changed in line with Sovereign standards. There will be no change to the pension administration fees.