STM Malta have unveiled a product solution aimed at Irish expats with an occupational pension scheme that have no desire to go back home once they retire.
Those who fit the product criteria could gain advantages by transferring their pension fund to the STM Protected Retirement Plan in Malta which is a EU Retirement Benefit Scheme (EURBS).
Deborah Schembri, managing director, STM Malta, said: "We are excited to launch this new product which expands STM Malta's range of pension offerings. We are now offering a pension solution targeted at individuals with an Irish Occupational Pension Scheme but who are not tax resident in the Republic of Ireland and intend to remain outside the Republic of Ireland. We look forward to launching other products."
We are now offering a pension solution targeted at individuals with an Irish Occupational Pension Scheme but who are not tax resident in the Republic of Ireland and intend to remain outside the Republic of Ireland"
The STM Protected Retirement Plan is licensed and regulated as a personal retirement scheme with the Malta Financial Services Authority.
To be eligible to apply for the plan an individual must:
· Be a member of a Republic of Ireland occupational pension scheme with a transferable preserved benefit where the qualifying service in employment relating to the scheme exceeded two years and terminated (otherwise than on death) before normal pensionable date.
· Wish to transfer that pension for bona fide reasons (e.g. retiring overseas and wanting to consolidate pensions) and not for the purpose of circumventing Republic of Ireland pension or tax rules.
· Be tax resident outside the Republic of Ireland and intending to remain so.
· Have no intention to retire to the Republic of Ireland.
STM has operations in the UK, Gibraltar, Malta, Jersey, and Spain. The multi-jurisdictional services group listed on AIM, a market operated by the London Stock Exchange. STM specialises in the delivery of a wide range of financial service products to professional intermediaries and the administration of assets for international clients in relation to retirement, estate and succession planning, and wealth structuring.