TMF Employee Benefits, provides a range of innovative, bespoke international solutions that provide employers, their employees and high net worth clients with options to maximize their benefit packages in value and return.
TMF Employee Benefits: Global customised management plans;
Providing international employers and employees with a sound benefit plan can be daunting. Often the benefit structures do not work for a multi-national employer or globally-migrating employee and neither do the Employee Benefit Trusts/Share Option Schemes. So companies and individuals need to turn to an international employee benefit provider with multi-jurisdictional coverage to help tackle the issue. Benefit structures can differ heavily between countries and international legislation is often hard to navigate. In addition, setting up such structures often involves considerable time and costs; therefore, it is no surprise many organisations face substantial challenges in this area.
To assist our clients, TMF Employee Benefits provides a truly global service for companies and the international community in a variety of the 83+ jurisdictions that TMF Group operates in. TMF Employee Benefits offers the following readymade solutions in the jurisdictions listed. This is not an exclusive list, and those wishing to structure their Benefit Plans in one of our other jurisdictions, can do so on a bespoke basis.
EBT (Employee Benefit Trusts) and Share Option Schemes
The use of an employee benefit trust (‘EBT’) is an effective way to motivate and incentivise employees and also to align the employee’s interests to those of the company’s shareholders.
Share, bonus and pension plans form an integral part of competitive remuneration packages for global executives and company employees and TMF has been providing these services for many years. TMF can establish, maintain and administer flexible structures for a wide range of incentive arrangements. Our service and expertise ensure that the company and its employees receive an efficiently administered scheme.
Packaged solutions are available in; Jersey, Switzerland, ADGM & Hong Kong
EOSG (End of Service Gratuity)
A Trust-based arrangement to provide segregated funds to cover the End of Service Gratuity (EOSG)
The size of the EOSG liability varies based on the employee’s length of service, base pay and accrual rate, so contributions to the Trust are made in accordance with actuarial calculations, and invested in a way designed to achieve the desired funding level to cover the liability.
In the Gulf regions, EOSG is a mandatory provision for employees with a fixed accrual rate, whereas EOSG is also becoming an alternative to the traditional International Pension Plan for some global employers including the ‘not-for profit sector’.
Packaged solutions are available in: Jersey, Switzerland, ADGM, Hong Kong, Labuan & New Zealand
IPPs (International Pension Plans)
TMF 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.
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.
In particular, TMF has a unique pensions contract which is tax compliant for US citizens working outside of USA.
To assist our clients, TMF provides truly global and packaged pension management plans to serve companies and the international community in the following jurisdictions:
Malta, Labuan, Hong Kong & Jersey.
Jersey International Savings Plan
JISP enables multi-national corporates to set up a savings plan for their global employees who are non-Jersey residents. JISPs differ from traditional International Pension Plans in that they are more flexible on pay out, allowing access before normal retirement age or end of service.
JISPs must be set up with the sole purpose of providing benefits in respect of a person’s employment outside of Jersey, set up by a non-Jersey resident employer under an irrevocable Trust.