Pensions and retirement planning

In conjunction with local pension specialists qualified to give pension advice, Fairbairn Private Bank can arrange suitable and cost-effective pension structures. Our range of discretionary investment strategies can be held within any of these pension structures.

UK pension structure (SIPP) - 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. Therefore, we can arrange a self-invested personal pension (SIPP), which is 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. Fairbairn Private Bank, in conjunction with specialist pension providers in the UK, can arrange a SIPP structure for you.

Offshore pension structure (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 (SIPP).

Fairbairn Private Bank, in conjunction with specialist pension providers, can arrange a QROPS structure for you.

Offshore pension structure option

If you are resident in the Isle of Man or Jersey, or are an international expatriate, you may wish to hold your self-managed or discretionary managed investments within an approved pension structure. For Isle of Man and Jersey residents, such a structure offers the benefits of tax relief on 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:

• being able to play an active role in determining the composition of your pension portfolio
• flexibility of contributions
• total transparency of assets
• succession planning where assets can be passed onto whomever you wish in the event of death
• avoidance of the need for probate
• an effective means of asset protection
• flexibility to determine your retirement age
• No requirement to purchase an annuity.

Should you wish to discuss any of the above services in greater detail, please contact our client services team on +44 (0) 1624 645000.

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