Perpetual has found another market for its WealthFocus portfolio administration platform, after it received Qualified Registered Overseas Pension Scheme (QROPS) status from the UK government. .
The status enables UK expatriates to use the platform for their retirement funds and avoid a 40 per cent tax when transferring their assets. Eric Wang, Perpetual chief operating officer, said the decision to receive QROPS status was in response to demand from planners who had UK expatriate clients. “;There’s quite a bit of movement from the UK to Australia…It’s a client benefit,”; Wang said. He said interest had been piqued by UK expatriates looking to top up their super with the $1 million undeducted contribution available until the end of June. Perpetual has also notified the UK press of the QROPS status and hopes to increase recognition of its brand name there. But Wang said it was not looking to launch the platform in the UK as yet.
The brunt of losses from the LA wildfires are expected to be borne by primary insurers and high-risk reinsurance programs, but super funds are nevertheless closely monitoring the possible impact of the fires on catastrophe bond and insurance-linked securities exposures.
Simon HoyleJanuary 17, 2025
