If you are advising UK non domiciliaries who have accrued benefits in Ex- Employers Occupational Schemes, then it will be well worth considering the advantages of IPPs and in particular the specific benefits that schemes from Concept can offer. Concept have enormous experience in setting up and transferring benefits to IPPs and work with leading London Tax advisers in the provision of advice regarding the setup, transfer and taking of benefits.
Historically the IPP market primarily comprised major offshore service providers managing and administering large employer group schemes, which encompassed the occupational plans of their non UK domiciled but resident staff or internationally mobile employees. The Channel Islands were a centre of excellence providing and administering these Occupational Schemes.
These Schemes known as “Correspondingly Approved” Schemes were closed to new business when on the 5th April 2006 (“A” day ) HMRC brought about changes to the UK pension legislation.
Individuals who had left employment and had accrued benefits in such schemes could take advantage of transferring their accrued benefits out of their Ex-Employer’s Occupational Schemes and transfer their benefits to Personal Bespoke Schemes to take advantage of greater flexibility of investment choices.
Often these individuals also have accrued benefits within post ‘A Day’ group schemes and these can be transferred into the Aurora QROPS (Qualifying Registered Overseas Pension Scheme) at the same time.
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IPPs – a brief review
