The Euoropa schemes have been approved by the Gibraltar Commissioner of Income Tax and are listed by HMRC as Qualifying Recognised Overseas Pension Schemes (“QROPS”), meaning that they can accept recognised transfers from UK registered pension schemes.
The Aurora Europa QROPS is available to Gibraltar resident and non-resident individuals, to provide a personal pension which is secure, flexible and competitively priced.
The schemes are marketed to individuals with UK accrued pension benefits who wish to transfer these to an overseas arrangement, with Gibraltar benefitting from a simple and transparent framework in respect of taxation of pension benefits, with just 2.5% Gibraltar tax deducted at source prior to payment of regular income.
Aurora Europa Lite Pensions Trust accepts pension transfers from just £25,000 with no maximum value and can hold a single custodian, such as a bond or investment platform (subject to any investment product minimum). The schemes allow additional contributions to be made, allowing a low level of entry.
The schemes are managed by Concept Trustees (Gibraltar) Limited, a Gibraltar licensed subsidiary of Concept Group Limited (“Concept”).
Concept Group is currently promoting seemingly “free” transfers into the two Gibraltar Europa QROPS. The Europa Lite has a set up cost of £295 and on-going annual fees are £450.
The Aurora Libertai Retirement Benefits Scheme is available to individuals under trust or contract, subject to their specific personal circumstances.
The schemes are Guernsey Income Tax Office (“GITO”) approved retirement annuity schemes, open to Guernsey resident and non-resident individuals, and designed to provide a personal pension which is secure, flexible, portable and competitively priced.
As a Guernsey approved personal pension, the schemes enjoy favourable tax treatment for non-residents, with income paid gross and without the deduction of any Guernsey tax.
The schemes provide planning opportunities, with the added benefit of meeting the UK prescribed criteria to be a Qualifying Non-UK Pension Scheme (“QNUPS”), meaning that the schemes should be exempted from UK Inheritance Tax (“IHT”) as they are considered to be “broadly similar to a UK registered pension scheme.”
The schemes have specific application for individuals resident in various jurisdictions and are also an attractive retirement solution for mobile individuals and/or transient employees.
As a result of legislative requirements introduced by HMRC to the Pension Schemes Regulations 2006, Concept took the measure of formally “delisting” its range of former Aurora QROPS.
Aurora Islander is a market leading, whole of market, multi-member personal pension scheme.
It offers a low cost, tax efficient, open architecture solution for Guernsey and Jersey residents.
To encourage saving from a young age, Concept will not charge any set up or annual fees for all entrants under the age of 25, until they reach their 25th birthday. Concept Group have recently extended this to include all applicants under the age of 30 for a limited time only.
Different charging structures exist within Aurora Islander in an effort to make the scheme both affordable to its younger members, and appealing to the more sophisticated investor wishing to have more input on the management of their pension assets.
Concept offer bespoke group retirement schemes that meet the requirements of the organisation engaging them.