Through its group member, Herald Employment & Recruitment Services Limited (HERS), Herald is able to provide a wide variety of employment-related services and structures. These include:
Offshore Pensions
Since “A-Day” (6th April 2006) there has been increased interest in the use of unapproved retirement benefit schemes. UK residents who move abroad have been able to transfer their pensions to an overseas pension arrangement as long as this arrangement appears on the HMRC list of qualifying recognised overseas pensions schemes ("QROPS"). These are essentially personal pensions that are set up outside of the UK.
Employer-sponsored and personal pension schemes can be set up and these schemes are available for both residents and non-residents of the Channel Islands.
Offshore pension schemes can be a very tax efficient form of saving and are ideal for high-end salary earners who move countries in the course of their employment. These schemes, which generally take the form of trusts, allow great flexibility in how pension funds can be invested and how benefits are taken.
They can be used to invest in a wide range of asset classes ranging from fixed income, bonds, equities through to hedge funds, and property investments.
For more information, please download our fact sheet .
Employee Benefit Trusts (EBTs)
These are discretionary trusts established by employers to benefit their employees generally. Instead of paying remuneration directly in the form of a salary, an employer can choose to make a payment into an EBT.
The trustee exercises discretion in the payment of benefits from the EBT. Structured properly, there may be tax efficient ways of extracting the benefits for the employee.
EBTs pay no tax in Jersey. Income and gains within the EBT can grow tax free.
If you would like to discuss in more detail our Employee Services, please contact us on +44 (0) 1534 610610 or email mail@heraldtrust.com for more information.