International pensions

Bespoke pensions for international expatriates, their employees and individuals – in the jurisdiction of your choice.
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The structures you need

For international expatriates employees and individuals, and their professional advisors, we are the pain-free route to customised, tax-efficient and strategy-driven, retirement.

International pension plans

Expatriates and internationally mobile employees deserve a sound retirement plan just like everyone else. However, national regulations limit flexibility, portability and fiscal efficiency. International legislation is hard to navigate. Setup costs can be substantial.

  • Packaged plans provide standardised solutions.
  • Bespoke schemes can be tailored to exact needs.
  • Hybrid structures support the complexity of international HR objectives.

Open architecture provides the freedom to invest in numerous asset classes for corporates. Our easy-to-use online platform simplifies investment management and lets individual members manage their accounts. Demonstrations available on request.

We currently offer a range of International Pension Plans (IPPs) which cater for both corporates and individual clients, including Qualifying Recognised Overseas Pension Schemes (QROPS) and Qualifying non-UK Pension Schemes (QNUPS).

Qualifying Recognised Overseas Pension Schemes (QROPS)

As a result of HMRC’s pension simplification process, Qualifying Recognised Overseas Pension Schemes, or QROPS, are pension solutions for those intending to leave or who have left the UK. Most UK pension schemes can be transferred to a QROPS including protected rights; the exceptions are typically state pensions and most final salary schemes already in payment. Our QROPS offer you the opportunity to transfer your UK registered pension scheme(s) abroad, provided that a UK registered pension scheme and the (QROPS have the appropriate transfer out and transfer in powers, respectively.

Qualifying non-UK Pension Schemes (QNUPS)

QNUPS were born out of Statutory Instrument 51/2010. From that date, the Inheritance Tax Treatment of QNUPS was brought 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 tax, 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 advantages can be attractive.

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

International Pension Plans (IPPs)

IPPs are simple, flexible retirement schemes for international employers or globally-migrating executives. IPPs are able to receive employer contributions from international companies wishing to provide tax efficient savings vehicles for their international employees, and are readily portable. Our current IPP range is based in two well-regulated and established financial jurisdictions in addition to bespoke employer sponsored schemes in various international jurisdictions.

TMF Group and TMF International Pensions Limited Corporate Social Responsibility (CSR), Environmental, Social and Governance (ESG) and Sustainable Finance Disclosure Regulations (SFDR)

On March 10, 2021, the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector (the ‘Regulation’) came into force. As part of the regulation, TMF International Pensions as a Retirement Scheme Administrator (‘TMF) is required to provide certain disclosures on sustainability risks and the impact of ESG.

Sustainability risks are defined under the regulation as an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.

The regulation requires TMF to disclose whether any Principal Adverse Impact (PAI) of investment decisions are considered.

All personal pension schemes administered by TMF International Pensions are member directed schemes, and as such TMF does not make or advise on investment decisions on behalf of its members. Instead, members appoint an Investment Adviser and/or an Investment Manager to advise on and manage their investments for them unless they are classified as a Professional Member, in which case they will make their own Investment decisions. Therefore, TMF does not deem the PAI of its investment decisions on sustainability factors to be relevant.

Nevertheless, the Trustees encourage investment decisions to be in line with the CSR and ESG position of TMF Group and the permitted range of investments by the Malta Financial Services Authority (‘MFSA’) and every effort will be made to ensure each member is aware of the sustainability risks relating to their investments within the Scheme.

Furthermore, the Company has a fixed remuneration policy, save for instances following a performance review both at Company and personal level. For this reason, TMF believes its remuneration policy falls in line with the integration of sustainability risks.

As part of TMF Group, the Trustees adopt a corporate culture aligned with the permitted range of investments by the MFSA and TMF Group’s Group Corporate Social Responsibility (CSR) and Environmental, Social and Governance (ESG) position. Details of the TMF Group policy can be found at:

International Pension operating jurisdictions

TMF Group operates in 14 regulated trust jurisdictions out of the 86 globally where we have offices and experts on the ground.

The following five are the core jurisdictions from which pensions are provided, but this does not preclude the others.

Abu Dhabi Global Market

For local, regional and international companies ADGM is a gateway to Abu Dhabi, the UAE, the wider Middle East, Africa and Central Asia, as well as a bridge between Europe and Asia. It is independent and self-governing, with directly-elected legislative assemblies and its own administrative, fiscal and legal systems. There are 90 double tax treaties already in force and another 39 under negotiation. At present VAT is the only tax levied.

A strong regulatory framework (based on English legal principles) with three independent authorities – the Registration Authority, the Financial Services Regulatory Authority and the ADGM Courts – is recognised as such by the World Bank and IMF. This sophisticated and comprehensive infrastructure of laws and regulations promotes investor confidence, creates value and has helped ADGM be named regional Financial Centre of the Year (MENA and EMEA) several times in recent years.

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Focus on Abu Dhabi Global Market (ADGM)

Hong Kong

Uniquely positioned at the intersection of Chinese and international capital flows, Hong Kong is the global business community’s gateway to mainland China and a regional hub for legal, financing and asset management services.

A stable and fully-convertible currency, no exchange controls, low tax rates and a simple tax structure make Hong Kong an efficient environment in which to do business. Its sound regulatory regime meets prevailing international practices whilst allowing the free flow of capital and information. As Asia’s second-largest private equity centre, it manages about 20 per cent of the region’s total capital pool.

Hong Kong is a popular, tax-efficient jurisdiction in which enterprises in the People’s Republic of China (PRC) planning a stock market flotation (IPO) can locate their employee benefit trusts. Trustee licensees must comply with strict anti-money laundering and terrorist financing laws.

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Focus on Hong Kong

Jersey

Jersey is long-established as a politically and economically stable offshore financial centre. As a British crown dependency, it is independent, self-governing (with its own fiscal and legal systems and a directly elected legislature) and not part of the EU.

A strong regulatory framework (based on English legal principles) is recognised as such by the World Bank and the IMF. The OECD gave Jersey its highest score for tax transparency. The island’s financial authorities actively encourage high-quality business to the island. A sophisticated and comprehensive infrastructure of laws and regulations promotes investor confidence and helps create value.

All Jersey’s banks rank among the top 500 worldwide, attracting clients from more than 200 countries. 

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Focus on Jersey

Malta

As a full member of the European Union, Malta is highly regulated and a secure financial environment. Malta is a member of all the main EU regulatory agencies and of global oversight bodies such as the International Organisation of Securities Commissions and the International Association of Insurance Supervisors.  The provision of pension services is a regulated activity overseen by the Malta Financial Services Authority (MFSA). and all pension funds are independently audited annually.

Malta has in excess 70 double taxation treaties and is the only country to have a very particular treaty with the United States along with the appropriate domestic legislation to govern pensions. This US tax treaty makes it the ideal home for our pioneering Mdina Master Trust Retirement Scheme, a properly tax-efficient retirement plan for US permanent residents and citizens whose employer and employment are both located outside the US. 

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Focus on Malta

We make a complex world simple

TMF Group is a leading provider of critical administrative services, helping clients invest and operate safely around the world.

With more than 10,000 colleagues in 125 offices across 86 jurisdictions, all working to the same high standards of service and security, we provide our clients with local expertise where it is needed most. Our locations cover 92% of world GDP and 95% of FDI inflow.

We are a key part of our clients’ governance, providing the accounting, tax, payroll, fund administration and legal entity management services essential to their success. We make sure rules are followed, reputations protected and operational compliance maintained.

Our global service model and technology platform put our clients in control of their portfolio of entities and global locations. The data insights we deliver keep them on top of emerging regulation, the status of their own activity and any points of risk.

We serve corporates, financial institutions, asset managers, private equity and real estate investors, and family offices. Our clients include the majority of the Fortune Global 500, FTSE 100 and top 300 private equity firms.

To find out how our offering can help you, make an enquiry with us today

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