We’ll explore the features, terms, and advantages and disadvantages of the Aurora UAP Africa Plan in this post.
The UAP Group developed the scheme, which is primarily administered by Concept Group. Specifically designed to meet the needs of expats and people with globally mobile employment, they offer various services to facilitate international pensions planning.
The Aurora UAP Africa Plan is managed by Aurora Pensions Limited and Aurora Holdings PCC Limited. They provide fiduciary services to pension plans and are governed by and licensed by the Guernsey Financial Services Commission.
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).
Potential investors shouldn’t invest or decide not to invest based off this review alone. Planning for a happy retirement might be more intricate, especially for expats, so seeking counsel will be helpful.
Aurora UAP Africa Plan Terms and Features
Members are eligible to start using their retirement perks between the ages of 50 and 75. Early access to cash when needed is made possible by provisions for illness.
The plan funds are distributed grossly to members upon retirement, increasing their total benefit.
They are given the freedom to manage retirement savings depending on their financial situation by having the option to make monthly or lump sum contributions without any limits.
Crucially, members have flexibility in managing their retirement income streams because they are not required to buy an annuity.
Loan alternatives are accessible prior to retirement, offering up to 30% of the fund as liquidity. After retirement, an extra 30% is available as a pension commencement lump sum.
In order to ensure financial security and legacy planning, the plan also includes provisions for the remaining accrued funds to be transferred to dependents upon the member’s death.
With the exception of UK pension systems established after 2017 that receive UK tax relief, the Africa Plan welcomes transfers of assets from external schemes that permit transfers. People moving to new countries of residency can also benefit from this portability, which makes cross-border retirement planning seamless and consistent.
Attorneys, tax advisors, and investment managers might be needed for the plan. Clients are consulted and scheduled ahead of time for services from tax advisors and investment managers, for instance, guaranteeing openness and compatibility with their budgetary plans.
Subscribers to the Aurora UAP Africa Plan may manage their finances in a more individualized way since they have substantial ownership and control over their money.
Compared with trust-based arrangements common in countries like South Africa, the approach provides more assurance. Members can see clearly and feel secure about their retirement benefits and investments thanks to this framework.
The plan complies with stringent reporting requirements, such as FATCA and Common Reporting Standard reporting obligations. Members are in charge of meeting any reporting requirements according to their tax jurisdiction or place of residence.
The Guernsey Income Tax Authority has certified the plan, which allows it to operate as a “defined contribution plan” and guarantees regulatory adherence and dependability.
What currencies are supported by the Aurora Africa Plan?
Contributions and payouts in British pounds, euros, and US dollars are supported via the plan’s multi-currency features.
Who can invest in the Aurora UAP Africa Plan?
Anyone can apply for the Aurora Plan, although those who are internationally mobile or who want to maintain their current retirement plans will receive special attention.
Contribution restrictions do not apply, so clients are free to make periodic payments, save regularly, or make one-time lump sum or in-kind contributions.
Due to its adaptability and accessibility, the retirement vehicle is appropriate for various investors, including foreign citizens, dual residents, and expats from the UK.
How to Invest in Aurora AUP Africa Plan
Applicants must use authorized digital means or present verified documentation to authenticate their identity and residence.
Upon acceptance, participants obtain an exclusive reference number and an introductory statement verifying their involvement in the scheme.
Africa Plan Fees
One of the product’s costs is a setup fee that is non-refundable and is paid at the time the contract is executed. Moreover, there is a yearly product administration charge that is paid in January and is prorated for the entry year. If specific deals are agreed upon in advance, extra ad hoc fees can be applicable.
For ease of use and transparency, the costs are assessed in pounds.
Aurora UAP Africa Plan Tax Implications
The Africa Plan’s assets increase tax-free, but levies might be assessed during withdrawals.
Only Guernsey residents are eligible for tax breaks on contributions.
Pros and Cons of Aurora UAP Africa Plan
Aurora Africa Plan Benefits
- The product is quite flexible because it can be contributed to on a regular basis, as needed, or in a one-time payment.
- The structure of the plan allows assets to expand within it tax efficiently.
- Members can choose from different investment options, including shares in private companies and different asset classes.
- The offering allows you versatility in managing currency since it can be kept in USD, EUR, or GBP.
- Annuitization is not required, in contrast to many typical pension plans, giving participants more flexibility over how their retirement savings are used.
- Because of the plan’s mobility, participants can relocate to another nation and still receive their pension.
- Retirement benefits are accessible from age 50, while there are provisions for early access in the event of illness.
- The plan offers choices for distributing remaining cash to surviving dependents should the member pass away.
Africa Plan Risks
- The Guernsey resident’s exclusive access to income tax reduction on contributions restricts the tax advantages for expats.
- Depending on the currency chosen, the multi-currency functionality exposes members to exchange risks even while it provides flexibility.
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