Preparing for your retirement years? Let’s see if Trireme Pension Services could be right for you.

If you have any questions or want to invest as an expat or high-net-worth individual, you can email me (advice@adamfayed.com) or use these contact options.

Who is Trireme Pension Services?

Trireme Pension Services delivers professional services catering to personal and occupational pension solutions for individual and business pension plans.

The company, which is made up of Trireme Pension Services (Malta) Limited and Trireme Pension Services (Guernsey) Limited, employs its in-depth familiarity with laws and regulations in various places to create unique pension plans.

They are dedicated to providing pension schemes with proactive and high-quality services, with an emphasis on ensuring that solutions are individualized to match the specific needs of each client.

Moreover, Trireme Pension Services demonstrates adaptability by responding quickly to changes in the market, government policies, and tax codes. The firm was instrumental in the development of contractual arrangements and trust mechanisms for the legal structuring of pensions.

Trireme, which has offices in Guernsey and Malta, provides clients with security, flexibility, transparency, and control no matter where they choose to set up their personal or occupational pensions. Professional business development managers are in charge of cultivating crucial connections, which boosts the company’s service levels.

Do note that neither Trireme nor any affiliated entities are authorized to provide guidance on the suitability of any particular plan or the underlying investments. However, they collaborate closely with customers’ chosen advisors to create, administer, and supervise optimal pension programs.

Trireme is a unit of International Stock Exchange-listed PraxisIFM Group Limited, a provider of customized private wealth and corporate administration services, catering to a global clientele comprising corporations, individuals, and families.

Trireme Pension Services Offerings

Corporate Plans

There is a mandatory requirement for employers to contribute to a benefit program on behalf of their employees in certain areas. Having a solid employee benefit program in place can help ensure the company’s long-term success and help keep valuable personnel around.

Employers who provide pension plans for their workers enjoy increased loyalty from their present team and a boost in their capacity to recruit top talent. Retirement benefit plans are Trireme’s forte, and the company has extensive experience setting them up and managing them for clients across the globe. Defined contribution and defined benefit plans are two examples of such strategies, with each catering to either a select group of workers or the entire workforce.

For businesses and their personnel, Trireme’s proprietary and cutting-edge software system serves as an all-encompassing management hub. The features built into this system make it possible for everyone to participate fully in the pension provision and management procedure. It’s been put through its paces, and it can set up retirement programs that serve a population of a million people.

In-house experts at Trireme work closely with customers to create individualized pension solutions that meet each company’s unique goals and constraints. 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.

Guernsey Corporate Plans

Several businesses in Guernsey rely on Trireme as their go-to provider of pension solutions. Their flexible solutions can meet the requirements of both small businesses and large corporations. Trireme works closely with its customers to determine which pension plan will best meet their needs and their budget.

Trireme is part of the largest Channel Islands banking institution, so they can provide reliable, consistent service to its clients. 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

The professionals at Trireme Pension Services are 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 treaties. Trireme guarantees a standardized core service in the jurisdiction of choice, which can then be adjusted to the company’s needs.

Corporate plans offered by Trireme Pension Services are supported by a database that can be accessed online, providing easy access for members to view their individual accounts. 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 of strategic initiatives.

Malta Corporate Plan

In 2017, the government of Malta passed legislation and introduced tax breaks to combat the rising expense of retirement. They incentivized both companies and employees to make contributions to qualified retirement systems. Maltese businesses must now decide how best to establish and manage a pension program for their employees.

The annual maximum allowable deduction for employer contributions from taxable income was set at €3,000 per employee. In addition, companies can claim a tax deduction of up to €750 per worker, per year for making employer contributions. Meanwhile, employees can deduct up to €750 from their own taxes thanks to a tax credit.

Employee benefits packages that are competitive in today’s market are essential for attracting, motivating, and retaining top employees. It’s common knowledge that pension schemes are an essential component of such package.

Confidence in one’s job and loyalty to one’s company are both boosted when workers believe their employers are making thoughtful plans for their futures. The intangible but essential importance of employees’ confidence in their company’s commitment to their long-term financial security is obvious.

Personal Pension Plans

Individuals who wish to combine many retirement or savings plans into a single, more manageable one will find a wealth of options among Trireme’s personal pension plans. Individuals who are interested in starting to save for their pension in advance of retirement might do so through these options.

Trireme’s personal retirement plans are accessible through their Guernsey and Malta offices, both of which are subject to regulatory oversight. These strategies incorporate an array of structures and models that have been developed with the different requirements of the market in mind.

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 benefits. Local compliance and filing duties may also be simplified with the use of a contract-based approach.

International Pension Plans

At Trireme, you may choose from a selection of International Pension Plans (IPPs) 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. As a result, they provide no shelter 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, allowing members to make investments that are truly unique to them.

By providing IPPs, Trireme hopes to equip people with a solid foundation for investing for their futures after employment. Nevertheless, prospective members need to get expert help and assess their personal situations thoroughly to make sure the IPP is suitable for them financially and complies with local tax laws.

Qualifying Non-UK Pension Scheme

If you are a UK resident or expat living abroad and 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. Aside from its adaptability and tax benefits, QNUPS’ simplified approach to retirement benefit provision is also attractive.

Those who have or will maintain UK domicile for inheritance tax reasons may benefit greatly from making contributions to QNUPS, notwithstanding the lack of UK tax credit for such donations.

Trireme’s Guernsey and Malta locations are where you may get your hands on their QNUPS services. Choosing the right jurisdiction is crucial because each one has different pension rules with varying benefits. To make a well-informed choice, it is highly suggested that QNUPS members seek outside counsel.

Trireme offers QNUPS in Malta, and there are two legal bases for them: trusts and contracts. 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 treaties that Malta has signed. Members can begin collecting retirement benefits, including a lump payout of up to 30% of the total plan value, as early as age 50.

Except where a double taxation agreement 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.

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 amount of 30% of the plan’s value.

Members of the QNUPS in Guernsey are also able to borrow against their retirement fund at a younger age. The domestic tax rules of Guernsey do not impose a withholding tax on retirement payments.

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.

While there are no hard and fast rules on how much money can be put into a QNUPS, it is important that contributions be proportional to the member’s retirement needs. QNUPS contributions are not counted as part of a member’s estate for UK inheritance tax reasons, and members can direct their contributions to whoever they like.

Qualifying Recognised Overseas Pension Scheme

As defined by Her Majesty’s Revenue and Customs (HMRC), a QROPS is an overseas pension system that is eligible to receive transfers of UK pension benefits. The flexibility of QROPS allows you to hold pension funds in a variety of currencies and reduces your tax liability. All QROPS solutions provided by Trireme, which are based out of 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 destination for QROPS transfers from other countries. Due to its favorable regulatory authority and network of double taxation agreements with more than 70 nations, Malta is an attractive location for pension benefits. As a result of these double taxation deals, pension payouts are often paid in whole, without local tax deductions, in Malta. Members should get tax guidance that takes their unique situation into account.

Trireme Pension Services is widely regarded as a forerunner in the industry thanks to its role in introducing contract-based QROPS to Malta. Because every member has different financial and tax circumstances, 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.

It is highly suggested that individuals get independent financial and tax guidance prior to starting any transfers of earned pension benefits due to the complexity and constant evolution of the process involved. Before transferring, UK Financial Conduct Authority (FCA) guidance is required. So, it is recommended to obtain expert help to make well-informed decisions and adhere to all relevant legislation.

US Plans

US Pension, IRP, and QROPS Plans

Trireme Pension Services places a premium on technology, pouring resources into modern business tools for use by both management and staff. Their cutting-edge pension administration software provides members with private, round-the-clock access to view 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 company made this decision on purpose due to the intricate nature of interacting with US taxpayers and the growing requirements of FATCA (Foreign Account Tax Compliance Act).

In order to assist their members in filing their individual US tax returns, Trireme has built their back-end systems with US reporting standards in mind.

Trireme provides two primary solutions for individual US clients, along with separate customized plans that can be utilized in a corporate capacity. The highly regarded US Individual Retirement Plan is tailored to the individual needs of US taxpayers who wish to save for retirement from anywhere in the globe.

On the other hand, 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.