International Retirement Scheme opens to UK Limited Companies
18 June 2009
Written 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.
For more information, including case studies on schemes in Ireland and
Sweden, click here.
