Retirement Planning

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Helping you to create the life you want in your retirement

You may want to work until your last breath. Or you may desire to retire much earlier. The sooner you start planning, the better you may be financially prepared to live as a retiree. Give yourself the best chance to have a secure future by making plans now.

At Carrick, we assist you to formulate your financial goals and priorities. Once you have clear focus about what you wish to achieve, we will recommend fixed steps for you to meet these goals. We take away the worry and confusion from the decision-making process by supporting you during this process. For example, we may offer you advice on how you should apportion your investments or demonstrate to you how certain decisions may affect your taxes or your estate.

For many, a key part of retirement planning is an offshore pension. By diversifying your pension – that is, spreading the investment risk across different markets – you could earn more in certain of those markets and therefore minimise the possibility of risking your full pension.

The advisers at Carrick have years of experience in the financial services sector and, particularly, when it comes to offshore pensions. No other brokerage can better the advice that we will offer you. When you plan with us regarding what to do with your pension, you know that you will be saving yourself money, heartache and worry.

Recognised Overseas Pension Schemes (ROPS)

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Secure, adjustable with beneficial pension benefits

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  • A lump sum of up to 30% can be withdrawn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 any beneficiary
  • Tax-efficiency
  • 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
  • Avoid further changes to UK tax and pension legislation

Qualifying Non-UK Pension Scheme (QNUPS)

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Significant tax advantages with flexibility

A Qualifying Non-UK Pension Scheme (QNUPS) has tax advantages that appeal to an investor. The rules of a QNUPS also allow investors to pay contributions into the scheme, or from transfer of a QROPS.

They are ideal for UK citizens who live in the UK or elsewhere and who want to retire, at some point, in the UK.

You can pay into QNUPS with cash, assets and even a residential property. How flexible is that! Your pension fund suddenly becomes a dynamic asset that can be made use of in so many ways.

You can even withdraw a lump sum and still invest. You can’t do that with a QROPS. You can keep paying into the QNUPS and withdraw a regular income after retirement. This means that you can keep on working for as long as you want, or not. There are no employment rules preventing you from contributing to the pension scheme.

Significant benefits

  • You don’t need to be employed to make contributions
  • No capital gains tax
  • No lifetime limits on fund size
  • No investment restrictions: you can invest, or withdraw, in any currency
  • Possible exemption from UK inheritance tax
  • Contributions can be made from any source, not just income
  • Additional benefit of local tax efficiencies.

Self-Invested Personal Pensions (SIPP)

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More flexibility and greater autonomy

A Self-Invested Personal Pension (SIPP) is a pension ‘wrapper’ that holds investments until you retire and start to draw a retirement income. Unlike a standard personal pension, a SIPP gives you more flexibility with the types of investments you can choose.

SIPPs are designed for people who want to manage their own fund by dealing with, and switching, their investments when they want to. This type of pension is suited to people who are experienced at investing and have a large amount to invest.

Significant benefits

  • Any investment in a SIPP is tax-free, which for higher rate payers, means a discount of 40 per cent.
  • Wider investment choices, diversification and flexibility
  • A SIPP can hold all sorts of asset classes
  • You can change the risk profile of your SIPP and choose any fund from across the market
  • Able to transfer your SIPP to another authority
  • Tax refunds and rebates
  • No Lump Sum Death Charge (LSDC)
  • Approved by Her Majesty’s Revenue and Customs (HMRC)

Retirement Annuity Trusts (RAT)

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Easily modified and tax-efficient

A Retirement Annuity Trust (RAT) is a very tax-efficient Personal Pension Plan. It’s an approved offshore pension scheme that pays out income on a future date or series of dates. It can be paid out monthly, quarterly, annually or even in lump-sum payments.

A RAT functions similarly to a savings scheme. You can contribute to the RAT within prescribed limits and without having to pay tax. The limits depend on your age and your employment situation.

A RAT also allows you to draw down an income at retirement without having to buy a guaranteed lifetime annuity. What this means is that you can continue to receive revenue from the sum that remains in the annuity.

Significant benefits

  • Customised, flexible and portable
  • Highly tax-efficient investment that sits within a retirement trust
  • Can contain different types of assets
  • Money can be borrowed from the retirement trust
  • Charges are not concealed and very reasonable

Grow. Protect. Preserve.