Retirement Planning

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Guiding you towards the life you want to lead in retirement

Whether you continue working for years to come or decide to retire early, the sooner you start planning for your retirement, the better financially prepared you will be. Why don’t you give yourself the best chance for a secure future?

At Carrick, we focus our clients towards setting goals and priorities, and based on these, we recommend certain steps to meet them. We may advise you about apportioning your investments across different asset classes, or advise you to take a certain type of insurance cover. And, in doing so, we may explain to you how each move could affect your tax situation or your estate.

For many, a key part of retirement planning is an offshore pension. Just as you might diversify your investments in different stocks, bonds and so on, so you might diversify your pension. What this means is that you would spread the investment risk across different markets, for example, investing in different parts of the world. With diversifying your pension, you would obtain more stable and robust returns and reduce risks over the long term.

Our investment team has years of international experience in the financial services industry, particularly dealing with, and investing, offshore pensions, and so we are well placed to give you top-notch advice –possibly the best advice you might find internationally. When you take expert advice regarding pension planning, you reduce the stress and worry associated with such important decisions, and you can save yourself a lot of money.

Self-Invested Personal Pension (SIPP)

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More flexibility and greater control

A SIPP is an alternative to a traditional pension. It offers a way for you to take control of your retirement future and are best suited to investors who want greater control over their wealth and financial assets.

Self-Invested Personal Pensions (SIPPs) are pension wrappers that hold investments until you retire and start to draw a retirement income. They work in a similar way to a standard personal pension but the main difference is that, with a SIPP, you have more flexibility to choose your investments.

Significant benefits

  • 100% Control and wide choice of investments
  • Freedom to pull out of poorly performing investments
  • You can consolidate multiple pension schemes
  • Flexi Access or GAD* rates
  • Pension Commencement Lumpsum (PCLS) a guaranteed 25%
  • No Lump Sum Death Charge (LSDC)
  • Pension remains in the UK and as such is regulated still be the FCA

Qualifying Non-UK Pension Scheme (QNUPS)

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Significant death benefits and tax advantages

A Qualifying Non-UK Pension Scheme (QNUPS) is ideal for sophisticated investors as it is a tax efficient vehicle which provides income in retirement at a level needed to sustain your current living standards.

A QNUPS is ideal for UK citizens who are currently living in the UK or elsewhere and who want to retire in the UK at some later point.

UK tax residents can make unlimited contributions to the Scheme in the form of cash or in specie transfers (such as managed funds and listed shares) a QNUPS. You can even transfer residential property into the Scheme at this time.

What this means is that your pension immediately becomes a dynamic, flexible asset that can be used, for example, to withdraw a lump sum at a particular time while still continuing to invest.

Significant benefits

  • No restrictions on age and investing
  • Contributions can be made from any source, not just from income
  • In the event of death, assets are available to named beneficiaries
  • No limit on how much you can invest
  • Tax benefits for the assets you invest
  • Possible exemption from UK Inheritance Tax
  • Additional benefit of local tax efficiencies
  • Withdraw funds in the currency of your choice

Recognised Overseas Pension Schemes (ROPS)

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Stable, flexible with beneficial pension advantages

Recognised Overseas Pension Schemes (ROPS, formerly known as QROPS) are pensions based in offshore financial centres that offer flexibility and control.

It means your UK pension can be transferred to a recognised HM Revenue Customs (HMRC) jurisdiction offshore, giving huge benefits often unavailable to UK-based retirement savers.

They're an ideal choice if you reside outside of the UK and don't intend to return in the UK. If you've been a non-UK tax resident for at least five years, the full benefits of the ROPS provisions will be available to you.

Significant benefits

  • A lump sum of up to 30% can be withdrawn
  • Easily pass on wealth to any beneficiary
  • Flexible income draw-down rules
  • Greater investment flexibility
  • Avoid currency exchange rate fluctuations
  • Transparent charges
  • Consolidate multiple pensions into one easy to manage scheme
  • No Lifetime Allowance (LTA) charge post transfer

Retirement Annuity Trust Scheme (RATS)

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Very flexible and tax-friendly

A Retirement Annuity Trust Scheme (RATS) is a highly tax-efficient Personal Pension Plan. Pension funds are held in trust and invested on your behalf by a Trustee. A RATS is an approved offshore pension scheme.

A RATS is similar to a savings scheme. You can make contributions within prescribed limits and receive full tax relief depending on your age and on your employment situation.

A RATS permits you to draw down an income on retirement without having to buy a guaranteed lifetime annuity. Why this is such a plus is that you can continue to receive investment returns on the money that remains behind in the Scheme. You can decide, within limits, how much you want to draw down each year to suit your needs.

Significant benefits>

  • Personalised and flexible
  • Highly tax-efficient investments housed inside the retirement trust
  • Can hold a wide variety of assets
  • A loan may be taken from the retirement trust
  • Transparent and competitive charging structures

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