Provided is a variable ratio torque converter including an input member for connection to a primary drive, an output member coupled to a torque multiplying member for connection to drive a load. The input member has paired permanent magnet poles, and the output member has a plurality of pairs of movable periphery magnets per pole, and a winding arranged for each peripheral magnet pairs. The windings are connected to a controllable inverter arranged to control torque from the torque multiplying member. The input and output members are arranged so that they rotate together under magnetic force. The peripheral magnets cause the windings to produce a slip related control signal for the inverter to control the torque. The converter may include a slip responsive arrangement for retarding actuation of the peripheral magnets to thereby delay movement when there is a slip between respective speeds of the input and output members.