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STM Fidecs
History of STM Fidecs
STM Group Plc, a multi-jurisdictional financial services group established in 1989 specialised in the administration of client assets in relation to estate and succession planning and wealth structuring.
Originally based in Gibraltar, STM Group Plc relocated its head office to the UK in 2018. In October 2024 STM Group Plc was acquired by Jambo SRC Limited and is evolving into the Global Pension Corporation.
The Gibraltar team continues to operate a number of firms under STM Group, referred to as STM Fidecs, including two pension trustee companies and a pensions administration company.
The pensions team within STM Fidecs was originally formed in 2006 to provide occupational pension schemes to the local market. Since then, STM Fidecs has evolved into one of Gibraltar’s leading providers of Qualifying Recognised Overseas Pension Schemes (‘QROPS’) catering for the international market. STM Fidecs product lines also include Qualifying Non-UK Pension Schemes (‘QNUPS’) and personal pension plans.
All STM Fidecs pension schemes, regardless of product type, are currently written under trust which provides additional security for members assets. In the event that one of our pension firms or a sponsoring employer of a workplace pension scheme becomes insolvent, the pension scheme assets are ringfenced and cannot be accessed by creditors.
STM Fidecs Pension Trustees Limited (‘FPT’)
Established as a corporate pension trustee since 2002, FPT is authorised by the Gibraltar Financial Services Commission as both a pension scheme operator and a professional trustee. FPT acts as the trustee for a wide variety of workplace pensions schemes for Gibraltar employers and employees, and offshore pension schemes for the international market.
London & Colonial (Trustee Services) Limited (‘LCTS’)
LCTS, a corporate pension trustee was established in 2003 as part of London & Colonial Holdings Ltd. It is authorised by the GFSC as a pension scheme operator and is a renowned provider of QROPS and QNUPS. In 2016 London & Colonial Holdings Ltd was acquired by STM Group Plc.
STM Fidecs Life, Health and Pensions Limited (‘FLHP’)
FLHP has provided the administration services for FPT pension schemes since 2006 and for LCTS pension schemes following the acquisition of London & Colonial Holdings Ltd in 2016. FLHP is independently authorised by the GFSC as a pension scheme operator.
With a long history of pensions expertise covering multiple types of pension scheme products, each subject to different regulatory and tax requirements, the pensions team service the needs for more than 3000 clients in over 100 countries worldwide and manage pension scheme assets in excess of £500 million.
Working with financial advisers
STM Fidecs is collectively a non-advisory business which means that we don’t provide any form of legal, tax or financial advice but work closely with global financial advisers for our international pension scheme members. For our workplace pensions we have good relationships with a number of Gibraltar regulated financial advisers.
Our Unique Advantage
STM Fidecs in Gibraltar
Gibraltar, a British overseas territory affectionately known as the Rock by its residents, is located at the southern tip of the Iberian Peninsula of mainland Europe and is the home of the Gibraltar hub.
Ties with the UK
With a long and potted history, Gibraltar has been an overseas territory of the United Kingdom since 1713. The territory is self-governing in all matters except defence and its residents have full British citizenship. Gibraltar has maintained its close affinity to the UK and has evolved into a highly regulated financial services centre that closely aligns to the UK regulatory system.
Offshore pensions
Gibraltar remains one of the largest offshore pension locations specialising in QROPS used to facilitate the transfer of UK registered pension schemes assets overseas.
Why Gibraltar
Gibraltar is a self-governing well-regulated financial centre with robust regulatory standards. The Gibraltar Financial Services Commission (‘GFSC’) is the local supervisory body responsible for monitoring the financial services industry. The GFSC continues to provide support and regularly collaborates with the industry as well as closely mirroring the regulatory regime in the UK.
The Financial Action Task Force, the global anti-money laundering watchdog, also recognises Gibraltar as a responsible and transparent financial centre, dedicated to upholding the highest standards of compliance with its international obligations.
Home of workplace and overseas pensions
QROPS
QROPS are personal pension schemes designed to accept transfers from UK registered pension schemes of UK tax relieved funds. Gibraltar QROPS are approved by the Gibraltar Commissioner of Income Tax and regulated by the GFSC. Gibraltar schemes must also be recognised by HMRC as broadly comparable to a UK registered pension scheme to obtain QROPS status. As a result QROPS are highly regulated products subject to local and UK regulations.
Two particular attractions of a Gibraltar QROPS are the potential to take a higher tax free lump sum at retirement by comparison to UK registered pension schemes and the low withholding tax rate of 2.5% on pension income.
QNUPS
QNUPS are offshore personal pension schemes aimed at individuals wanting to make additional pension savings. These schemes cannot accept transfers of UK tax relieved funds but can accept other types of pension scheme transfers.
QNUPS are approved by the Gibraltar Commissioner of Income Tax and regulated by the GFSC.
One particular advantage of a QNUPS is that it is currently exempt from UK IHT which makes it an attractive estate planning solution. At this time we do not know how the UK Governments proposals to bring unused pension assets into scope of IHT at a future point might impact.
To qualify as a QNUPS, the pension scheme must satisfy HMRC regulations. So like QROPS, QNUPS are highly regulated products subject to local and UK regulations.
Workplace pensions for the Gibraltar market
The Private Sector Pensions Act 2019 (“the Act”) has introduced the requirement for Gibraltar firms to offer a workplace pension for their staff who meet specified eligibility criteria and make minimum contributions to it.
With over 20 years’ experience in this field, FPT supported by FLHP, is a leading provider of occupational pension schemes and individual personal pension plans. All our workplace pension schemes are approved by the Commissioner of Income Tax and regulated by the GFSC.
Where the scheme is being used to meet an employer’s enrolment obligations under the Act, FPT, FLHP and the scheme itself are also subject to regulatory oversight from the Pensions Commissioner.
IORPS (Institutions for Occupational Retirement Provision)
Employer sponsored occupational pension schemes are suitable for paternalistic companies looking for a more bespoke solution for their employees.
Employers choose which investments are the most appropriate for their workforce, can influence the design of the scheme benefits and charging structure. Members experience is enhanced through company branded literature, a dedicated pensions website and access to their own personalised member dashboard.
Personal Pensions
These products are perfectly suited for individuals without access to occupational pension provision.
More recently however, personal pension plans are becoming more widely used by smaller companies or by companies which experience higher staff attrition to meet their pensions obligations. Although employers can contribute into a personal pension plan on behalf of its workers the firm has no control over which investments are made available and have no input into the design of the scheme, charges or pension scheme literature.
