International Pensions

TMF International Pensions: maximize your pension value

TMF International Pensions provides a range of innovative, bespoke international pension solutions that provide employers, high net worth clients and professional advisors with options to maximize their pension scheme value and return.

TMF International Pensions: Global customized pension management plans

Providing expatriates and internationally mobile employees with a sound pension scheme can be daunting. Often the pension scheme in the home country does not work for a globally-migrating employee and neither does the pension scheme, (if there is one), in the country they are currently residing in. So companies and individuals turn to international pensions solutions to tackle the issue. Pension scheme regulations differ heavily between countries and international pension laws are often hard to navigate. In addition, setting up a private, company owned, or international pension scheme often involves considerable costs; therefore, it is no surprise many organizations face substantial challenges in this area.

To assist our clients, TMF International Pensions provides truly global and customised pension management plans to serve companies and the international community in a variety of the 80+ jurisdictions that TMF Group operates in. TMF International Pensions in Malta for example, provides a range of International Pension Plans (IPPs), for corporate and individual clients including (but not limited to) Recognised Overseas Pension Schemes (ROPS) and Qualifying non-UK Pension Schemes (QNUPS) and other Employer Sponsored arrangements. We deliver innovative, bespoke international pension solutions to provide employers, high net worth clients and professional advisors with opportunities to maximize their pension scheme value and return.

International Pension Plans (IPPs)

International Pension Plans (IPPs) are simple, flexible retirement schemes for international employers and/or executives. IPPs are able to receive employer contributions from companies wishing to provide tax efficient savings vehicles for their international employees. IPP membership provides you with:

  • Unique and dependable backing
  • Freedom to invest
  • Tax efficient planning opportunities
  • Asset protection

IPPs are readily portable from company to company and country to country.Our current IPP range is based in two four well-regulated and established financial jurisdictions, in addition to bespoke employer sponsored schemes in various international jurisdictions.

Pan European Pension Funds

On the whole, occupational retirement providers operate only in the EU Member State in which they are based. Companies located in ten different EU Member States must therefore call on the services of ten different providers. For multinational companies, this could the cost around €40 million a year can be exorbitant. Considerable economies of scale could be achieved if one Institution for Occupational Retirement Provision (IORP) could manage all the different schemes of the same company doing business in several EU Member States.

To this end, the IORP Directive authorizes mutual recognition of the supervisory schemes in force in EU Member States. Subsequently, an IORP can manage the schemes of companies located in other EU Member States by applying the prudential rules of the nation in which they are located (home-country control).

The Directive nevertheless guarantees the continuing application of EU Member States’ social and labour legislation (i.e. the legislation governing the relationship between "sponsoring undertakings") which pay contributions into IORPs and members

Recognised Overseas Pension Schemes (ROPS)

ROPS are pension solutions for those intending to leave or who have left the UK. Historically the transfer of existing UK pension benefits to foreign jurisdictions was a complex process. Changes made following the introduction of Pension Simplification by Her Majesty’s Revenue and Customs (HMRC) in April 2006, now enable people who are seeking to leave or who have already left the United Kingdom to transfer their UK pensions abroad to pre-registered schemes. These are known as Qualifying Recognised Overseas Pension Schemes (ROPS).

The legislation has been updated recently, and HMRC are continuing to monitor and improve compliance. Most UK pension schemes can be transferred to a ROPS, including protected rights. The exceptions are typically state pensions and most final salary schemes already in payment.

Our ROPS are all registered with HMRC and offer you the opportunity to transfer your UK registered pension scheme(s) abroad by becoming a ROPS member, provided that a UK registered pension scheme and the ROPS have the appropriate transfer out and transfer in powers, respectively.

Qualifying non-UK Pension Schemes (QNUPS)

Qualifying non-UK Pension Schemes (QNUPS) were born out of Statutory Instrument 51/2010. From that date, the Inheritance Tax Treatment of QNUPS was bought into line with other pension legislation. Individuals have also been able to make post-tax contributions to a QNUPS, providing them with a fund which will grow free of income and capital gains, as well as provide valuable additional pension benefits and protection from inheritance tax.

As non-UK approved schemes, QNUPS do not automatically confer these benefits but if properly structured in the right jurisdiction, they can offer attractive advantages.

A QNUPS is an offshore unapproved pension. To qualify, an overseas pension scheme should:

  • Be established in a country or territory which regulates pensions schemes
  • Not provide benefits to the member before the normal retirement age (circa 50)
  • Be 'recognised for tax purposes’ in the country or territory that it is established
  • Be open to residents and non-residents in the country or territory in which it is established

Our current QNUPS, Calypso International Retirement Scheme (CIRS), is regulated and approved by the Malta Financial Services Authority (MFSA).

Why work with us?

Choosing TMF International Pensions offers clients and their professional advisers a number of advantages, including:

  • Global access and substantial international support
  • Enviable and significant backing from TMF Group (the world leader in corporate compliance and reporting services), providing peace of mind for those investing their pensions
  • Flexibility - the open architecture of pension schemes offered by TMF International Pensions gives you the freedom to invest in a wide range of asset classes
  • Tax efficient planning opportunities
  • Dedicated staff ensure a personal and specialized service to both clients and their professional advisers
  • Innovative and continual development of financial solutions and the expertise and resources to best serve clients’ interests
  • Value - a simple, transparent, competitive fee structure

What sets TMF international pensions apart

TMF International Pensions is well established at the top end of the ROPS market. TMF Group, with staff in 80 countries, is well positioned to support growth in the provision of IORPS and International Pension Schemes for global employers.

For ROPS, Malta, being a full member of the European Union, has been the ‘jurisdiction of choice’ for most advisers because of its well-regulated and secure financial environment. As opposed to many other companies operating an open international pension scheme, TMF Group received a license from the Maltese Regulator to operate the schemes ourselves and we do not involve third party contractors.

Interested in our international pensions services or have any questions? Please fill in our ‘Make an enquiry’ form today, with details of your pensions request and we’ll get in touch with you to provide more details.

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