Qrops (Qualifying Recognised Overseas Pension Scheme) promoter Panthera has signed a distribution agreement with Malta trust company Custom House Global Funds Services to roll out a new qualified recognised pensions scheme, according to Money Marketing magazine.

The magazine reported in February that the firm was intending to sign an agreement with a Maltese trustee for a new Qrops.

The Melita International Retirement Scheme is designed for non-UK residents considering transferring their UK pensions abroad to an HM Revenue & Customs (HMRC) registered scheme. Most UK pension schemes will be eligible for transfer, except the state pension and most final salary schemes already in payment.

At retirement age, the scheme will pay a lump sum of up to 25 per cent. Normal retirement age is 65, with an early retirement age of 55, and benefits must be drawn down before the age of 70.

Equity Trust, the trustee of Panthera’s Singapore-regulated overseas self-invested international pension fund, has issued an application to the High Court for the scheme to be restored to Qrops status after the jurisdiction was de-listed by HMRC in May 2008.

Panthera managing director Bethell Codrington says: “Malta has a lot to offer. It has full EU and Commonwealth membership and is politically, socially and economically stable. It is on the OECD [Organisation for Economic Cooperation and Development] ’White List’ and holds a diverse number of tax treaties, yet retains strong professional confidentiality laws.”