WHAT IS A RETIREMENT ANNUITY CONTRACT?
The Soteria Plan is classed as a Defined Contribution Retirement Benefit Plan which is written under Contract and has been approved by the Guernsey Income Tax Authority under section 157A (2) of the Income Tax (Guernsey) Law, 1975. Guernsey has Double Tax Agreements with 15 countries, and partial Agreements with further 9. This means that when income is taken from the pension members are taxed in one location only - Guernsey.
“When income is taken from the pension, members are taxed in one location only - Guernsey”
Benefits of Soteria Plan (Guernsey Retirement Plan)
- UK Tax-efficiency - Soteria Plan (Guernsey Retirement Plan) meets the requirements of the UK Tax Authority, and by doing so becomes a Qualifying Non-UK Pension Plan (QNUPS). This classification means that it sits outside of a members estate on death and is not assessed for Inheritance Tax for UK and non-UK nationals, and UK domiciled and non-UK domiciled individuals who become a member.
- US Tax-efficiency - The Soteria Plan’s assets will grow without tax being deducted until drawdown. Upon receipt of income, tax is applied to the growth part of the plan and the base amount remains untaxed.
- Tax-free transferable funds upon death - In the event of the plan member’s death, the balance of the Soteria Plan will be paid as per the nomination of beneficiaries or letter of wishes of each member. Payments can be made as cash, as an in specie asset transfer or a combination of both of these options.
- Ease of enrolment - The Soteria Plan can facilitate the transfer of existing assets from external providers as well as accept contributions from post-tax earnings or from personal savings and capital.
- Early retirement age - As the Soteria Plan is held in Guernsey, members can start drawing their pensions from the age of 55. This means flexibility in accessing your investments early, should you require it.
- Diversify your retirement portfolio - It can be used as a primary retirement plan or run parallel to help boost your existing arrangements. There are no limits or restrictions as to the size or frequency of your contributions. You can save regularly, make ad hoc payments, invest a single lump sum, effect a transfer of existing assets, or any combination of these contribution types.
Download the Soteria Plan
(Guernsey Retirement Plan) Guide
Why should you choose Guernsey for your Retirement Plan destination?
Guernsey has a modern regulatory regime in place that conforms to international finance and pension standards. In 2001 and 2017, Guernsey became one of the first jurisdictions in the world to regulate pension providers and rules, which has created a culture of professionalism not found elsewhere, these and other regulations make the jurisdiction a safe place to keep their retirement funds.
Some of the Guernsey-approved retirement plans, such as the Soteria Plan, are designed especially for globally mobile employees who may build up pension rights while working in some jurisdictions, where Guernsey has taxation agreements.
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