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REVIEW SUMMARY

Trireme Pension Services

Trireme Pension Services (Trireme) is an occupational and personal pension trustee and administrator. It comprises of Trireme Pension Services (Malta) Limited and Trireme Pension Services (Guernsey) Limited, their two main jurisdictions.

Trireme is part of PraxisIFM, an independent, owner-managed group of financial companies established in 1972 which is listed on The International Stock Exchange.

PraxisIFM has offices in 15 jurisdictions throughout the world. Pensions is noted as one of the three core service offerings of PraxisIFM who provide administration services to more than 250,000 individual pension members. 

Overview
FAQ
Customer Reviews
Expert Verdict

Trireme offer a range of personal and corporate pension plans from its licensed and regulated offices in Malta and Guernsey. These include IPP, QROPS, QNUPS, SIPP and other US offerings.

1. Personal plans:

Trireme offers four kinds of personal pension plans. They are:

  • IPPs:
    Trireme Pension Services offer a range of International Pension Plans (IPPs) available to individuals who wish to save for their retirement.

    It allows you to transfer previously funded savings plans to an IPP from different sources or the plan can be funded by direct contribution(s).
  • QNUPS:
    Trireme offers QNUPS from their offices in Guernsey and Malta.

    The choice of jurisdiction is an important consideration as both offer different features under their individual pensions regulations and they encourage you to seek independent advice.

    Malta: 
    In Malta, Trireme's QNUPS can be written under trust or contract.

    Trireme says that contract based pensions may offer members residing in non common law jurisdictions that may adversely tax or treat foreign trusts an alternative pension framework. We would recommend reading our expert verdict.

    Guernsey:
    In Guernsey, Trireme offers trust based QNUPS.

    Retirement benefits can be taken from age 55 and members can draw the same 30% initial lump sum as seen in Malta. It is also possible to take a loan against the QNUPS at an earlier age, providing a form of access if needed.
  • QROPS:
    Trireme’s QROPS are based from their Malta office and are licensed and regulated by the Malta Financial Services Authority and submitted on HMRC’s register.

    Trireme offer both trust and contract based QROPS. They also offer free in-house transfers between the plans.
  • SIPP:
    The Trireme International SIPP is provided and operated by Hartley Pensions Limited, which is authorised by the Financial Conduct Authority, and is open to both UK and Non UK residents.

2. Corporate plans:

Under corporate plans, Trireme Pension Services establish and administer a range of domestic and international retirement benefit plans including defined contribution and defined benefit plans for a set group of employees or an entire workforce.

These can be further divided into three categories:

  • Guernsey corporate plans,
  • International corporate plans and
  • Malta corporate plans.

Other than the above main offerings, Trireme Pension Services also offer US plans that include:

  • US corporate plans,
  • US IRP (International Registration Plan) and
  • US QROPS.

NOTE:

  • Neither Trireme or any of their associated companies are licensed or qualified to provide advice relating to a plan or the underlying investments.
  • We would highly recommend reading the expert verdict section of this review before making a decision.

 

The Pros

> Part of a large, listed and experienced group
> Ability to assist US clients
> Ability to offer contract based pensions

The Cons

> Do not have a UK or Gibraltar pension offering which can be needed for certain client profiles
> Very niche
What is PraxisIFM?

Originally established in 1972, PraxisIFM has 450+ staff and is an independent, owner-managed, group of companies providing a wide range of professional services to private individuals, families and international corporate clients.

You can learn more about PraxisIFM's pensions offering here.

I'm a US resident, can Trireme help me transfer my pension?

Theoretically yes, as Trireme has a series of schemes specifically aimed at US residents. 

However, care must be taken by US residents when it comes to making pension transfers, in part because of the far-reaching terms of FACTA.

What are the benefits of Malta QNUPS?

Malta QNUPS can benefit from Malta's numerous double taxation agreements with more than 70 countries and members can commence taking retirement benefits from age 50 with a lump sum of up to 30% of the total value of the plan.

The tax treatment of pension benefits are subject to Malta's domestic tax laws unless there is a double taxation agreement in place between the jurisdiction where the member is deemed tax resident and Malta that overrides the local rules.

Are my Trireme QNUPS benefits subject to withholding tax in Guernsey?

All retirement benefits are paid under Guernsey's domestic tax laws and are therefore not subject to any withholding tax in Guernsey.

Have you used Trireme's services before?

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Please send your review and comments to marketing@aesinternational.com to help people make an informed decision.

Expert assessment of Trireme Pension Services

Although it’s not one of the most common trustees, we know Trireme has highly experienced and professional staff, is part of a large, experienced group and is well regulated.

Investors should only take advice from UK-authorised pension transfer specialists and avoid conflicted, commission-based advice.

Read the UK regulators advice on pension transfers.

Never deal with a firm that isn’t authorised as a UK pension transfer specialist.

Our advice would be to seek professional, fee-based and independent advice if you have an existing QROPS or other solution with Trireme.

For pensions worth £250,000 or more, we recommend contacting us for a Second Opinion.

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