The Brexit vote has resulted in volatility within the financial markets and perhaps some confusion as to the types of goods and services which will be affected by those businesses whose products are sold internationally. Until such time as Article 50 is triggered and an exit is negotiated, Gibraltar and the UK are still very much in the EU and therefore there are currently no changes to the laws by which Gibraltar and UK companies are governed.

As a multi-jurisdictional fiduciary services provider, STM Group plc provide a range of products and services to clients inside and outside the EU. STM products range from Trust and Company solutions (available in Gibraltar, Jersey, and Malta) to international retirement solutions and life assurance products. Our pensions business units operate from Gibraltar and Malta and the core of this business is the transfer of UK private pensions to an STM HMRC recognised scheme, commonly referred to as QROPS.

The QROPS concept was initially derived from an EU directive allowing an individual to move their pension from one EU jurisdiction to another and is firmly embedded in UK legislation. This legislation allows a UK pension scheme to be transferred to any other country, provided certain criteria can be met. The HMRC list of recognised schemes shows the majority to be outside the EU, with schemes registered in 40 different jurisdictions. Given that a QROPS is not an “EU product” we do not anticipate any significant legislative changes that could prevent or make it more difficult for people to transfer their pensions overseas and any attempt to do so would be counterintuitive, given the pension freedoms that were passed in April 2015.

STM is well placed to adapt and benefit from what may lie ahead in terms of continued access to markets in the EEA, particularly given that we already have substantial operations in Malta, affording STM Group companies a great deal of flexibility.

We have a robust business and a wide suite of products. It is very much business as usual and we remain confident in our ability to continue to serve our current and future customers across all of our chosen markets.