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Pantheon Pension Trustees (Corinthian Group which also operates Corinthian Pension Trustees) is a pension trustee based in Gibraltar, and is administrator of overseas QROPS and QNUPS pension schemes.
As a British Overseas Territory, part of the EU and with low tax of 2.5%, Gibraltar is a common QROPS jurisdiction.
Pantheon QROPS is a Personal Pension Scheme approved by the Commissioner of Income Tax in Gibraltar, and approved by HMRC as eligible to receive transfer of UK pension rights without attracting a tax.
The Scheme was established by a Deed of Trust dated 4th April 2013, amended 4th February 2015.
As a QROPS, the scheme allows for investment in funds unavailable (unregulated) in the UK, removes the scheme from UK tax on income and removes the scheme death charge of 55%.
Pantheon claims to divulge full costing on the application form, we cannot find a way to access the application form therefore we cannot verify this.
No details of any commission are detailed but an early transfer-out fee exists of £1,000 for the first three years.
The ongoing charge is £850 per annum with establishment charge of £650. Investments cost up to £250.
It is impossible to do any research into Pantheon online, which is hugely concerning and speaks of a lack of transparency.
The Gibraltar authorities are concerned with protecting the reputation and integrity of Gibraltar as a financial centre, and are aware of the importance of adopting and applying international regulatory standards and best supervisory practices.
Gibraltar has a good reputation internationally for cooperation and information sharing.
• Gibraltar is a British Overseas Territory and a self-governing and self-financing parliamentary democracy within the European Union (EU)
• The first language is English
• Newly created QROPS legislation which meets HMRC requirements
• DTAs are not required to obtain low tax rate
• Low rate of taxation, only 2.5%
• Newly created QROPS legislation means Gibraltar QROPS meet Her Majesty’s Revenue and Customs (HMRC) requirements
• Gibraltar is a member of the EU and is a UK crown dependency, bringing with it a sense of stability and familiarity, an aspect which is reassuring to many UK pensioners
• Thanks to a highly regulated and sophisticated financial services sector, Gibraltar is expected to quickly become a major jurisdiction of choice
• Gibraltar offers flexibility in investment opportunities due to a diverse range of products, meaning increased control over where pension funds are invested
• QROPS in Gibraltar offer a large degree of flexibility on investment choices, along with many expert companies able to give professional advice and regulatory guidance on the best possible options on a case by case basis
• Unlike in the UK death benefits are paid gross, due to the absence of inheritance tax
• There is no taxation on lump sums in Gibraltar
According to Pantheon, the financial infrastructure and legislation of Gibraltar provides QROPS members with safety and security of their assets.
Gibraltar is politically and economically stable and has long been a leader in the provision of offshore financial services.
Gibraltar is well regulated and has a favourable tax regime making is an ideal location establish and administer QROPS.
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We would not advise clients to use Pantheon Pension Trustees.
Read the UK regulators advice on pension transfers here. NEVER deal with a firm that isn’t authorised as a UK pension transfer specialist.
Our advice would be to seek professional fee-based independent financial advice if you have an existing QROP with Pantheon Pension Trustees.
We also recommend you have a free, no obligation X-Ray Review™ conducted to give you the information you need to make an informed decision on the best way forward for your entire portfolio.