Trireme Pension Services Review
Prepping for your retirement? Trireme Pension Services might have come up as an option.
Let’s see who they are and what they offer.
What is Trireme Pension Services?
Trireme Pension Services delivers professional services for individual and business pension schemes. They custom plans to match the specific needs of each client.
The company is made up of Trireme Pension Services (Malta) Limited and Trireme Pension Services (Guernsey) Limited.
Trireme provides clients with security, flexibility, transparency, and control no matter where they choose to set up their personal or occupational pensions.
Neither Trireme nor any affiliated entities are authorized to give guidance on the suitability of any specific plan or the underlying investments. However, they collaborate closely with advisors customers picked to create, administer, and supervise optimal pension programs.
Trireme Pension Services is a unit of PraxisIFM Group Limited, a provider of customized private wealth and corporate administration services that accommodate corporations, individuals, and families. PraxisIFM trades on The International Stock Exchange.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44–7393–450–837).
This includes if you are looking for a second opinion or alternative investments.
Some facts might change from the time of writing, and nothing written here is financial, legal, tax, or any other kind of individual advice, or a solicitation to invest.
For updated guidance, please contact me.
What does Trireme do?
Trireme Pension service offerings include:
Corporate Plans
There is a mandatory requirement for employers to contribute to a benefit program in lieu of their employees in certain areas. Having a solid program in place can help ensure the business’ long-term success and help keep valuable staff around.
Trireme Pension offers defined contribution and defined benefit plans to meet the needs of a select group of workers or the entire workforce.
For businesses and their personnel, Trireme’s proprietary software system serves as a largescale management hub. The features built into this system make it possible for everyone to participate fully in the pension provision and management procedure.
Group plans are divided into four broad categories to accommodate businesses with either a single office location or a dispersed workforce in several states or countries.
Trireme Guernsey Corporate Plans
Several businesses in Guernsey, both large and small, rely on Trireme as their go-to provider of pension services.
Because of its user-friendly web features, sponsored employers may easily import data into their systems. In addition, pension participants can access their pension information whenever and from wherever they like.
International Corporate Plans
Trireme Pension Services is equipped to help businesses across numerous industries with the development, formulation, and execution of strategic plans. The Guernsey- and Malta-based teams behind these initiatives serve both locally based businesses and global conglomerates.
The corporate plans’ jurisdiction can be determined by a number of criteria, including the location of the company’s headquarters and the availability of favorable tax deals. Trireme guarantees a standardized core service in the jurisdiction of choice, which can then be fitted to the company’s needs.
Corporate plans offered by Trireme Pension Services are supported by an online database. At the same time, businesses have access to the company’s whole profile on the same system, allowing for more streamlined management and close monitoring.
Trireme Malta Corporate Plan
In 2017, the government of Malta passed legislation and introduced tax breaks to combat surging retirement costs. They incentivized both businesses and employees to make contributions to qualified retirement systems.
Maltese businesses must now decide how best to establish and manage a pension scheme for their employees.
Competitive employee benefit packages are essential for attracting, motivating, and retaining top employees. It’s common knowledge that pension schemes are an essential component of such package.
Personal Pension Plans
Individuals who wish to combine many retirement or savings plans into a single, more manageable one will find different options from Trireme pension plans.
The company’s personal retirement plans are accessible through their Guernsey and Malta offices, both of which are subject to regulatory oversight.
It was Trireme who first established a retirement plan based on contracts in Malta. For persons now living in or planning to move to a country with a different legal system, or who are at a disadvantage because of their foreign trust, this strategy offers significant perks.
Local compliance and filing duties may also be simplified with the use of a contract-based approach.
International Pension Plans
International Pension Plans (IPPs) are designed specifically with retirement savings in mind. Members can contribute directly to an IPP, or they can rollover savings from another retirement plan or other savings vehicle.
It’s worth stressing that neither the QROPS nor the Qualifying Non-UK Pension Scheme standards apply to these plans because they are not set up in the way those standards require. They won’t shield from the UK’s hefty inheritance tax.
However, Individual Retirement Plans (IPPs) have the advantage of allowing members to access their assets starting at age 50 with no withholding tax, albeit tax ramifications may emerge depending on the individual’s resident country. IPPs also offer flexibility, so members can make investments that are truly unique to them.
Make sure to get expert help and assess your personal situations thoroughly to make sure the IPP is suitable for you and that it complies with local tax laws.
Qualifying Non-UK Pension Scheme (QNUPS)
If you are a UK resident or expat living abroad looking for a pension plan that is not limited by the UK’s annual or lifetime allowances, you may be eligible to join a QNUPS. Besides its adaptability and tax perks, QNUPS’ simplified approach to retirement benefit provision is also attractive.
Those who have or will maintain UK domicile for IHT reasons could gain from making contributions to QNUPS, notwithstanding the lack of UK tax credit for such donations.
Trireme Pension Services’ Guernsey and Malta locations are where you may get your hands on their QNUPS services.
Choosing the right jurisdiction is important since each one has different pension rules with varying benefits.
Malta QNUPS
Trireme offers QNUPS in Malta, and trusts and contracts are two legal bases for them. Members in non-common law jurisdictions, which may impose harsh taxation or treatment on foreign trusts, may benefit from a contract-based pension’s alternative framework.
Trireme’s QNUPS in Malta can take advantage of the more than 70 double taxation contracts that Malta has signed. Members can begin collecting retirement benefits, including a lump payout worth up to 30% of the aggregate plan value, as early as age 50.
Except where a double taxation deal between the member’s tax residency jurisdiction and Malta supersedes local standards, the tax treatment of pension benefits is governed by Malta’s domestic tax legislation.
Guernsey QNUPS
Trust-based QNUPS are available from Trireme in Guernsey. Retirement benefits can be accessed by members as early as age 55, with a maximum first lump sum of 30% of the plan’s value.
Members of the QNUPS in Guernsey may also borrow against their retirement fund at a younger age. The domestic tax rules of Guernsey do not impose a withholding tax on retirement distributions.
As long as the assets are unrelated to the member and satisfy standard investment diversification rules, QNUPS can be used to invest in different investment classes in Guernsey and Malta, including real estate.
There are no hard and fast rules on how much can be injected into a QNUPS, but contributions must at least be proportional to the member’s retirement needs.
QNUPS contributions are not counted as part of a member’s estate for UK IHT, and members can direct their contributions to whoever they like.
Qualifying Recognised Overseas Pension Scheme
As defined by HMRC, a QROPS is an overseas pension system eligible to receive transfers of British pension benefits. QROPS allows you to hold pension funds in various currencies and reduces your tax liability.
All QROPS solutions provided by Trireme from their Malta office are registered with HMRC and are authorized by the Malta Financial Services Authority.
Since joining the EU, politically stable Malta has become a popular QROPS transfer destination. It is an attractive location for pension benefits owing to its favorable regulatory authority and network of double taxation agreements.
Pension payouts are often distributed in whole, without local tax deductions, in Malta.
Trireme Pension Services is regarded as a forerunner in the sector, thanks to its role in introducing contract-based QROPS to Malta. They provide two different kinds of QROPS: those based in trusts and those based in contracts.
Trireme also allows for free internal transfers between different strategies. Contract-based pensions have grown in popularity abroad because they allow people living in non-common law jurisdictions to sidestep the extra paperwork and potential taxation that come with trust-based pensions.
US Plans
US Pension, IRP, and QROPS Plans
Trireme Pension Services places a premium on tech. Their modern pension administration software provides members with private, round-the-clock access to their pension and investment performance through a unique login.
Trireme is one of the few international retirement scheme administrators offering pension solutions built exclusively for the local and international US market, in light of the changing regulatory landscape and the complexity required in dealing with US taxpayers.
The firm has built their back-end systems with US reporting standards in mind to assist their members in filing their individual US tax returns.
Along with separate customized programs that can be utilized in a corporate capacity, they have two primary solutions for individual US clients:
· The US Individual Retirement Plan is tailored to the individual needs of US taxpayers who wish to save for retirement from anywhere.
· The US Qualified Recognised Overseas Pension Scheme accepts transfers of previously funded UK pensions for US taxpayers.
Please be aware that the usual US tax rates will apply to any distribution from a domestic US pension plan like a 401(k) or an IRA.
Trireme Pension Services Review Bottom Line
Trireme doesn’t have either financial or tax advice services.
For each prospective member’s profile to be compatible with a pension plan, it’s best to seek counsel from a professional and trustworthy financial advisor. Personal situations and financial aspirations need to be taken into account in selecting the most apt plan.
