Launch of International Pension

Isle of Man based pension provider Optimus Pension Administrators Limited have launched The Optimus (SA) Master Pension Plan (“the Master Plan”) which delivers a cost-efficient retirement solution specifically for South African residents.

“We have listened to what our intermediaries, advisers and clients required and built the product accordingly” said Martin Hall, Director at Optimus. “It has been designed to incorporate highly flexible investment and benefit features which can be tailored to how each member wishes to accumulate and use their retirement funds.”

The Isle of Man pension rules under which the Master Plan has been drafted contain no limits on how much and how often contributions can be made to the Plan. For South African residents exchange controls represent the only upper restriction to contributions. The Master Plan is an ideal vehicle through which to utilise the South African foreign investment allowance, currently R10 million per annum. Some of the key features of the Plan include, no donations tax on contributions, tax free growth and return of contributions, wide investment powers, flexibility on the level or frequency of contributions, ability to accept contributions from family trusts, multi-currency investment opportunities and drawdown is available from aged 50.

The enhanced flexibility does not compromise stability and security; registered in the Isle of Man, which has a robust legislative framework specifically focussed on international retirement benefit schemes clients can be assured that the scheme is registered in one of the most financially secure and reputable international financial services centres in the world.

“There is currently a lot of concern in South Africa regarding the future value of pensions especially with the Rand showing a 30% depreciation last year” Said Mark Schofield, Managing Director of Optimus.“We have created a product that amongst other benefits can protect a member’s assets, is fully compliant and has taken note of the recent Davis Tax Committee report in respect of Estate Duty and in particular how this relates to the tax treatment of offshore retirement funds”.

The Optimus (SA) Master Pension Plan is the latest offering from the Manx pension firm that also includes QROPS, SIPP and QNUPS as well as bespoke international plans for specific industries.