UK pension structure option - available to UK residents
As a result of legislative changes in the UK pension
environment, individuals now have greater flexibility in how they
plan for their retirement. Consequently, the self-invested personal
pension (SIPP) is becoming a popular planning tool due to its wider
scope for genuine investment choice.
A SIPP is essentially a pension wrapper that is capable of
holding investments and providing tax efficient savings for
retirement. As a form of personal pension scheme, it offers freedom
to choose and manage your own investments, offering considerable
flexibility.
An onshore SIPP may be suitable for UK residents under the age
of 75. We, in conjunction with specialist pension providers in the
UK, can arrange a SIPP structure for you.
Offshore SIPP (QROPS) - available to non-UK
residents
A qualifying recognised overseas pension scheme (QROPS) is any
scheme recognised by HMRC as meeting the standards and conditions
equivalent to a UK pension. This approval process allows anyone
with a UK registered pension who is living outside the UK, or
is intending to leave the UK, to transfer their UK registered
pensions offshore. A QROPS can also be referred to as an offshore
self invested personal pension. More
information is available online.
We, in conjunction with specialist pension providers, can
arrange a QROPS based in either the Isle of Man or Guernsey.
Offshore pension structure option
If you are resident in the Isle of Man,
Jersey, or an international expatriate, you may wish to hold
your self-managed or discretionary managed investments within an
approved pension structure. In the case of Isle of Man and Jersey
residents such a structure offers the benefits of tax relief on the
contributions. International expatriates may not qualify for Isle
of Man or Jersey tax relief, but they are able to share in many of
the other benefits that include:
- flexibility of contributions
- total transparency of assets
- succession planning where assets can be passed onto whomever
you wish in the event of death (spouse only for Jersey
residents)
- avoidance of the need for probate
- an effective means of asset protection
- flexibility to determine your retirement age
- a possible alternative to the annuity purchase restrictions of
traditional pensions
- lower costs for your pension fund
- being able to play an active role in determining the
composition of your pension portfolio.
Should you wish to discuss any of the above
services in greater detail, please contact our client services team
on +44 (0) 1624 645000.