The Dominion Malta Retirement Plan 2010 is a Maltese licensed personal retirement plan and is regulated by the Malta Financial Services Authority. This plan is of particular interest to people who have accumulated UK pension benefits as the plan is able to accept recognised pension transfers. The plan offers the following benefits to both UK and non-UK residents:
- To consolidate numerous pensions into one plan.
- To address and mitigate against the effects of the UK Lifetime Allowance limit.
- The ability to invest in the most suitable currency or take a multi-currency approach.
- Pension benefits can be paid in the relevant currency for the member.
- Protection against future changes in UK pension legislation.
- Can reduce the overall effective rate of tax on receiving the pension benefits.
Whilst retaining the benefits offered by a UK pension:
- Tax free gross roll up within the pension.
- Up to 25% can be taken as a tax free lump sum.
- Exempt from UK Inheritance Tax (IHT).
- Full flexi access drawdown. Unlike other jurisdictions, licensed personal retirement benefit plans based in Malta are able to provide retirement benefits in accordance with the UK flexi-access drawdown pension rules, giving members greater flexibility in terms of their pension benefits.
The plan is well suited to individuals who wish to improve upon the tax and wealth management profile of their UK or International pension plans.
Individual circumstances will dictate why a person might benefit from transferring their pension to the Dominion Malta Retirement Plan 2010.