Upload File

independent trustee company · example 1: pension planning if pension stays in ireland: if pension...

  • Home
  • Documents
  • Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of
30
Independent Trustee Company Aidan McLoughlin

Upload: others

Post on 26-Jul-2020

3 views

Category:

Documents


0 download

Report

TRANSCRIPT

Page 1: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

IndependentTrusteeCompanyAidanMcLoughlin

Page 2: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

TodaysAgenda

Ø AboutITC

Ø CurrentPensionMarketOpportunities• PensionProperty• InternationalPensions

Ø Budget2018Update

Ø Summary

2

Page 3: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

IndependentTrusteeCompany(ITC)

Ø Ireland’sleadingproviderofselfinvestedsolutions

Ø €1.6BnAssetsunderTrusteeship

Ø €1bnAssetsunderAdministration

Ø Over3,000schemes

Ø StrongTechnicalCapability

3

Page 4: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

OurApproach– TheITCWay

Alifelongfiduciary(Trustee)relationshipwiththeAdviser/Client

Assetsheldinthestrongest,mostprotectedstructures

Assetsnotheldonbalancesheetofprovider-Noproviderrisk

AbilitytoinvestacrossthespectrumviaLEAPintoFinancialAssets(Funds,ETF’sEtc.)&viadirectinvestmentintorealassets(Property)

4

Page 5: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

SelfInvestedPensions

ITChavethefullrange

SSAS

BOB

PRSAARF/AMRF

IORPS

AllSelfDirected

Ø AssetsnotheldonITC’sBalanceSheet– Safestwaytoholdassets.Ø Assetsstronglyprotectedagainstcreditorattack.

5

Page 6: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

InvestmentPossibilities

Flexibility,Control,

LowerCost,Fully

Transparent

Property

SyndicatedInvestmentse.g.GuaranteedIncomeProducts

BespokeInvestmentse.g.LoanNoteInvestment

RegulatedInvestments-

LEAPFunds,ETF’s,and

Equities

6

Page 7: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Property Rents&CapitalGainsTaxFreeinIreland

Residential,Commercial,

Retail

StreamlinedProperty

InvestmentProcess

In-houseLegalTeamWorkswithYourSolicitor

7

Page 8: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

SyndicatedInvestments

Ø CapitalGuaranteedInvestments

Ø HighCouponInvestments–RenewableEnergy

8

Page 9: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

BespokeInvestments

PrivateEquity

Loanstocompanies

Loanstofundproperty

transactions

In-houselegalteamwithexpertiseinstructuring

theseinvestments

9

Page 10: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

LEAP

Ø WhatisLEAP- LeadingEdgeAdvisorProgramme

Ø KeyFeaturesq LEAPInvestmentPlatform- InvestinginFunds,ETFsandEquities

q CustodianisPershing/BankofNewYorkMellon- $28trninAssets

qWholesalePricingofinvestments

q Canhandlebothpensionandnonpensionmonies

10

Page 11: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

InternationalTransfers

Ø EU4Freedoms

Ø IORPsDirective2003

Ø OverseasTransferRegulationsSI716of2003

Ø Ch.13&24ofPensionsManual

Ø TaxChargeonPRSAs

Ø HeathrowARFandBonaFides

Ø O’SullivanCase

11

Page 12: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

ITCInternational

MaltesePensionProvider

JointVentureBetweenITC&MalteseFinancialServicesCompany

FirstCompanytobeApprovedforBothCompany&PersonalPensions

IORP’sApprovedPensionMasterTrustinMalta

OffersSignificantPossibilitiestoClients

12

Page 13: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

RevenueRequirements

•EUtransfersmustbe• toanIORPS• establishedinaMemberStatethathasimplementedIORPSDirective

• WithschemeadministratorresidentinEUState

•OnlyBonaFideTransfersacceptable• DeclarationbyMember

•IfConditionsmetRevenueApprovalnotneeded

ü

ü

ü

ü

13

Page 14: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

WhatCanITCInternationalPensionsdoforClients?

IORPsExamples• Pre-retirementTaxPlanning• CashFlowPlanningPostRetirement• SecuringPensionFundsInACrisis• IncreasedTFLS• FlexibilityForInternationalExecutives

14

Page 15: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

MaltaPensions

Ø BenefitsfromAge50

Ø LumpSumat30%

Ø NoFundCap

Ø FlexibleDrawdown

Ø BenefitsonFirstDeath

15

Page 16: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Example1:PensionPlanning

IfpensionstaysinIreland: IfpensiontransferstoMalta:

� IfJackwaitsuntil60fundcouldexceed€5mgivingEFTof€1.2m

� Jackcanreducetaxby€400kbyretiringat50butmustsellsharesetc.

� Jackreceiveslumpsumof€1.5mat60

� SetDrawdownstosuitlifestylethereafter

PensionPlanning:€2mLimit

ClientDetails:Jack,40yearoldbusinessownerwith€2mPensionFund

16

Page 17: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Example2:PensionPlanning:NonResident

IfpensionstaysinIreland: IfpensiontransferstoMalta:

� AnniewillsufferPAYEatsource

� ShewillneedtofileataxreturnandpaytaxinUK.

� ShewillthenneedtoclaimtaxbackusingFormIC9fromIrishRevenue.

� IncomeinpaidgrossinMalta.

� AnniejustfilesandpaysUKtax.

Annie,residentinNorthernIrelandhasmaturingIrishpensionbenefitworth€300k

17

Page 18: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Example3:PensionPlanning:Portugal

IfpensionstaysinIreland: IfpensiontransferstoMalta:

� JillwillsufferIrishtaxatsource.� Jillreceives€300ktaxfree.

� Shesetsherdrawdownsat€30,000perannum.

� UndertheNonHabitualResidentregimeinPortugalJillcanreceivethistaxfreefor10years

� IntotalJillhasreceived€600kfreeoftax.

Jill,aged60,hasaPensionFundworth€1mandisretiringtoPortugal.

18

Page 19: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Example4:Pensionplanning:InternationalExecutive

Ø NickhasreceivedajobofferinCalifornia.Hehasapensionfundworth€500kinIreland.

Ø NickisconcernedthathispensionpotwillbetaxedintheUS.HoweverhecannottransferittotheUS.

Ø NicktransfershispensionpottoMalta.

Ø Article18oftheMaltaUStreatyprovidesthattheIncomeearnedbytheMaltaFundisonlytaxedondrawdown

19

Page 20: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

WhatCanITCInternationalPensionsdoforAdvisors?

Examples• Helpwinanewclient- highnetworth• Protectyourclientsfromattack• Advisorseenbytheclientasproactiveandcreative• Opportunitytochargeaconsultancyfee• Trailerfeeaddsvaluetothebusinessbalancesheet• Trailerfeecontinuestogrowintandemwithclient

investments• Retainstronginvestmentadvisoryroleongoing

20

Page 21: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

QROPSØ HMRCregimeforoverseastransfers

Ø EUresidentscantransfertoanotherEUcountry.

Ø NonEUresidentscantransfertocountryofresidence.

Ø Ifthisdoesn’tapplyorifitchangesinfirst5years25%transfertaxapplies.

Ø Anypaymentsordeemedpaymentsinfirst5yearsTransfertaxapplies.

Ø Benefitsonlytoover55s.

21

Page 22: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

LifetimeLimit

Ø UKsystemsimilartoIrishExcessFundTax.

Ø Since5April2016Limitis£1million.Ø Limitprotectionispossibleifno

contributionsmadesince5April2016at£1.25m.

Ø Furtherprotectionpossibleat£1.5millionifnocontributionssince5April2014.

22

Page 23: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Brexit

• ImpactonIrishBranchesofInsurers

• Furtherrestrictionsontransfers

• DataProtectionandAdministrationissues

• PossibleimpactonInvestments

23

Page 24: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

QROPSMarket

• £1.5billioninannualtransfers• 411,000IrishinUK• 255,000BritsinIreland• OthersincludingBrexitbusinessesmoving

toIreland,previousreturnees,Nonnationals,NorthernIrish

24

Page 25: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Example1:QROPSPlanning:UKExcessFundTax

• Mary,age40,hasUKpensionworth£950kandhasreturnedtoIreland.

• IfsheleavesitinUKitquicklyexceedlifetimelimitof£1million.• ShetransferstoBOBinIreland.Fundgrowsto€2.5millionatage60.• UKExcessFundTaxdoesn’tapply.• IrishExcessFundTaxdoesn’tapply.• BenefitisnotincludedinIrishThresholdcalculation.

25

Page 26: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Example2:QROPSPlanning:UKLifetimelimit

• Joe,nowaged59,returnedtoIrelandage40.• HisUKbenefitisnowworth£1.2million.• HisIrishBenefitsareworth€1.9million.• Histargetretirementdateis65.• HetransfersbothbenefitstoMalta.• NoExcessFundTaxinIrelandasfundisbelow€2m.• NoExcessFundTaxinUKbecausehecanclaimLifetimeLimit

Protection.

26

Page 27: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Budget2018

• Property and Housing• Vacant Sites – 7%• Stamp Refund on Resi Dev land• 6% Stamp Duty on Commercial• Pre letting expense up to €5k per resi property• Existing Mortgage relief extended• S604A relief available after 4 years

27

Page 28: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Budget 2018

• SMEs and Self Employed• KEEP – Key Employees• SE – Earned Income Credit Increased by €200• Farmers – Land Leased For Solar is Eligible for CGT & CAT Relief• Farmers – Intra Family Transfers at 1% Stamp Duty

28

Page 29: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Budget 2018

• Miscellaneous• Employee Electric Cars• Charities and VAT• Sunbed Services• PAYE Compliance

29

Page 30: Independent Trustee Company · Example 1: Pension Planning If pension stays in Ireland: If pension transfers to Malta: If Jack waits until 60 fund could exceed €5m giving EFT of

Forfurtherinformationpleasecontact:

Email: [email protected]: 0860210043Website: www.independent-trustee.com

Questions?


TRUE LOVE WAITS

Motherhood Waits’

WHAT IS AN IPP? - CIBC Wood Gundy · Individual Pension Plans 5 Individual Pension Plans Receiving Pension Benefits from an IPP If the pension jurisdiction does not require the IPP

17129162 Tom Waits Anthology

Vienna waits for you

tom waits 1

Tom Waits - Antholog

Stakeholder Pension Plan from Standard Life...scheme, Stakeholder pension plan, personal pension plan or pension policy into the plan. This is known as a transfer value. • If you

BMI HealtHcare staff PensIon scHeMe Pension... · 2015-01-29 · If you have any benefits in a previous pension scheme or private pension arrangement, you may be able to transfer

Pension - OPTrust€¦ · CANADA PENSION PLAN If you retire before age 65, OPTrust pays a retirement pension plus a “CPP bridge” pension. The CPP bridge ends at age 65 when your

HACHIKO WAITS

Why Jesus Waits

Tom Waits Swordfishtrombone

Waits Tom - Anthology

Tom Waits - Sabljasti trombon

05 WAITS Intro

“True Love Waits” Campaign

Spring 2019 Issue 12 - Norfolk Pension FundSeptember 2018 • If your pension started before April 2018 you will get the full increase • If your pension started after April 2018

TIME WAITS FOR NO MAN OR DOES IT? - ResponseSource · there is no risk that the passenger in front works for a rival organisation. And if a meeting overruns, the flight waits. In

Tom Waits - Beautiful Maladie

tom waits 2

Tom Waits - Beautiful

Tom Waits - Alice

Oracle 10g Waits

Tom Waits - 2002

Tom Waits Blood Maoney

Tom Waits - Anthology (Book)

Waits Defined Kyle Hailey . #.2 Copyright 2006 Kyle Hailey Top 36 Foreground Waits 19. 19.write complete waits 20. 20.library cache

Tom Waits - Alice - 2002

Pension Audit Reporting - KPMG | US · administrator must file audited financial statements if a. ... Pension Audit Reporting Are You Ready Author: KPMG Subject: Pension audit reporting

Tom Waits Anthology - bs-gss.ru Waits Anthology_BOOGIEWOOGIE.RU.pdf · BOOGIEWOOGIE.RU. Title: Tom Waits Anthology Created Date: 1/16/2009 4:28:34 PM

Tom Waits - Mule

Performance Tuning Waits Queues

Tom Waits Anthology - ekladata.comekladata.com/ylveXNrnaNjrQiB24UaPYQXTa1E/Tom-Waits-Anthology... · boogiewoogie.ru. boogiewoogie.ru. boogiewoogie.ru

Waits Corbijn