18/6/2009
By Sophie Baker
A new tax-efficient Pension Trust that allows UK Limited Companies to provide retirement packages for their employees who have responsibilities outside the UK has been launched by s615(6) Limited.
The International Retirement Benefit Scheme had previously only been open to direct clients, but for the first time will be offered as a new international pensions solution, and can stand alongside existing wrap platform offerings of SIPPs, SSASs and ISAs.
The scheme is available to any employee of a UK Limited Company whose duties lie wholly outside the UK, executives of multi-national employers of overseas parentage with a UK presence, self-employed or contracting expatriates working in any country outside the UK, and UK resident executives of a UK Limited Company who conducts specific duties outside the UK as well as UK responsibilities.
The scheme offers a combination of benefits to employees including pension rights that may be taken entirely as a cash sum, a minimum retirement age of 55, or earlier on leaving service, and a continuity of pension contributions regardless of international relocation.
For the employer, s615 says the tax-efficiency of the benefits reduces the gross cost of employment for scheme members. Employer contributions are also allowable against Corporation Tax in the UK.
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