Malta's first QROPS

Low Cost Fully Flexible Pensions.  Multi Currency.

As seen in Malta Profile Who's Who

 

Glossary

Benefits

In pensions, the amounts of money that can be withdrawn from a pension fund – normally this is an initial lump sum and then a continuing income.

Derivative

A derivative is a financial contract which derives its value from the performance of another entity such as an asset, index, or interest rate.

HMRC

Her Majesty's Revenue & Customs.

http://www.hmrc.gov.uk/pensionschemes/overseas-pension.htm

IRD

Malta Inland Revenue Department.

http://www.ird.gov.mt/

Malta

 A small island in the Mediterranean Sea, well regulated, English speaking and a member of the European Union.

http://en.wikipedia.org/wiki/Malta

MFSA

Malta Financial Services Authority.

http://www.mfsa.com.mt/

Non-Resident

In UK tax rules, this refers to someone who has satisfied the UK tax authorities (see HMRC) that they are no longer connected to the UK for tax purposes and should not pay tax on non-UK income.

PwC

PricewaterhouseCoopers – Accountants and Auditors to the company and the scheme.

http://www.pwc.com/mt/

QROPS

Qualifying Recognised Overseas Pension Scheme.

Read More about QROPS - Click here

http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

Rebate

In relation to funds this is a refund of some of the charges to the adviser or to the client.

Reportable Events

For HMRC purposes these are mainly payment of benefits, transfers, death and certain other events.

SIPP

Self Invested Personal Pension.

http://www.mctrustees.co.uk/

Structured Product

structured product, also known as a market linked investment, is generally a pre-packaged investment strategy based on derivatives, such as a single security, a basket of securities, optionsindices,commodities, debt issuance and/or foreign currencies.

Transfer

Moving pension money from one provider to another.  UK pension providers are permitted to transfer funds to a QROPS.

Trustee

Trustee (or the holding of a Trusteeship) is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another.  Although the strictest sense of the term is the holder of property on behalf of a beneficiary.  MC Trustees is a corporate trustee which acts as Retirement Scheme Administrator for two Malta Retirement Schemes.

UK Tax year

This runs from 6th April to 5th April.  For QROPS this is relevant for several reasons, one being the rules change after 5 complete tax years have elapsed, and the other is that Lifetime allowances change typically at the beginning of a new tax year.