The Pathfinder Retirement Scheme is a contract-based Pension Transfer Scheme designed to receive transfers from existing regulated retirement schemes. The scheme is recognised as a Qualifying Recognised Overseas Pension Scheme (QROPS) by Her Majesty’s Revenue & Customs (HMRC) under reference number: QROPS510039.
It provides non-UK residents and those leaving the UK, with the opportunity to transfer their accrued UK pension benefits to a scheme offering:
- Flexible retirement benefits with no requirement to purchase an annuity
- Removal of the limitations of, and future tests against, the UK Lifetime Allowance (£1m from April 2016)
- Tax efficiency; benefits can be paid gross to members depending on residency at the time of taking benefits
- Flexible methods and levels of benefit payments
- Multi-currency options; pension funds can be denominated in currencies other than the Euro
- Portability; individuals may reside in several different locations while their pension scheme remains located in a single tax-efficient jurisdiction
- Open architecture for investments. The Scheme operates completely independently of all investment managers
- Transparent fee structure
- Greater certainty of how growth within and benefits paid from the scheme will be taxed
- An added advantage of the Pathfinder contract is that it mitigates the additional tax and reporting burdens placed on all those, with pensions held via trust structures, by jurisdictions such as France, Spain and Portugal.
The Scheme is ideal for those who may be, or are planning to become, resident in a jurisdiction which does not recognise trust-based pension schemes. It also offers added security over traditional trust-based schemes in safeguarding members’ assets.
The Pathfinder Retirement Scheme is a Retirement Scheme registered with the Malta Financial Services Authority (MFSA). The Scheme is administered by Trireme Pension Services (Malta) Limited which is authorised to act as a Retirement Scheme Administrator to Retirement Schemes registered under the Retirement Pensions Act 2011 (RPA) as may be amended from time to time.