The trustees of the
International Retirement
Benefit Scheme, s615(6)
Ltd, named after the UK
legislation under which it
operates, insist the scheme
is completely “legitimate”
and “bona fide”.
Gary
Draper, chief executive of
s615(6), said features of
the scheme included:
- In most cases, no social
security costs for the
employer or employee.
- Pension rights taken
entirely as a cash sum.
- 100% cash commutation
by UK tax residents is
tax-free.
- A minimum retirement
age of 55, or earlier on
leaving service.
- Individuals can select
their own investment
profile.
In launching the scheme,
Draper has teamed up
with wrap platform Novia,
which will provide platform
administration and
underlying investments for
the pension.
He said that the scheme
was suitable for workers
in various circumstances,
including those whose
duties are conducted
wholly outside the UK;
employees of multi-nationals
with a UK presence,
self-employed or contracting
expats of any nationality
working outside the UKand
UK-resident employees
of a UK company
that carry out specific
duties overseas.
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