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OFFSHORE PENSIONS SERVICES FOR BIRMINGHAM AND KENSINGTON, LONDON, UK
Most clients are generally disinterested in pensions and see them as something that sits in the background and they may get a benefit from at some point in the future. ‘Pension Freedom’ has given many people a new interest in their pensions, but they are still extremely restrictive in terms of suitable assets.
By holding your pension fund offshore, you will still benefit from the tax exemptions available, including the 25% lump sum and tax free growth, however in the right circumstances this can result in a 30% tax free lump sum, plus 10% of all income tax free.
Offshore pensions are very flexible vehicles and can allow clients to invest into a wide variety of assets, in particular:
- Residential property
- Unlisted shares including trading companies
- Commercial property
- Development land
- Overseas property
- Alternative investments
For many clients, the main attraction is the ability to build a residential property portfolio which is outside of the scope of IHT, allowing the client to build the portfolio in a low tax environment, still benefit from the income, but pass on all of the portfolio to their children when they pass away.
They also offer an opportunity to grow a fund far in excess of the £1m lifetime limit available to UK pension schemes.