Financial services provider STM Group has announced an extension of the six month fee waiver for new recognised overseas pensions applications.
The pricing initiative will remain in place for all applications received before the 31 March 2017, and is applicable across STM and Malta standalone Rops products.
The establishment fee was originally waived in late April this year to support STM's drive for new client business.
In August this year, STM Group announced an increase in uptake of its core Rops product. This followed an announcement on 13 July the provider was to waive the initial establishment fee for its core product for a six-month period.
Each new Rops client won has an expected fee generating life of 20-25 years.
Earlier this month, STM Group announced it had completed the acquisition of London & Colonial ahead of the expected timeline.
The acquisition was originally announced on 13 September, as STM Group bought the pension provider for a consideration of up to £5.3m.
Alan Kentish, chief executive officer of STM, said:“The significant uplift in average monthly new business since we commenced the zero establishment fee initiative translates into a greater long-term recurring revenue stream for the group.
“Our focus is to build a durable business with predictable revenue streams and profitability. This pricing model is proving to be a valuable initiative in this environment and a strategic benefit to enhancing shareholder value.”
