Trireme
Pension Services

An independent review by our team of experts

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.

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.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

Academic evidence only shared with a select few firms across the world
A real-life example of why you should never try to outguess the market
Why a fund's past performance is not enough to predict future returns
Why you need to focus on what you can control and why this leads to a better investment experience
Why you should accept the markets for what they are
What can impact behaviour and make people seek instant gratification

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.

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 £500,000 or more, we recommend contacting us for a Second Opinion.

The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by AES to be reliable and AES has reasonable grounds to believe that all factual information herein is true as at the date of issue. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. AES accepts no responsibility for loss arising from the use of the information contained herein.

‘AES’ refers to the AES Group’s separate but affiliated entities generally, rather than to one particular entity. These entities are AES Middle East Insurance Broker LLC registered with the UAE Ministry of Economy, United Arab Emirates, Licence no. 571368, and Commercial Registration no. 75162 and regulated by the UAE Central Bank license no. 189; AES Financial Services Limited, incorporated and registered in England and Wales with company number 06063185, authorised and regulated by the UK Financial Conduct Authority FRN: 464494; AES Financial Services (DIFC) Ltd, registered in the Dubai Financial Centre (DIFC) as a foreign company, license no.2128, and regulated by the Dubai Financial Services Authority (DFSA) Reference No F003476; AES International Limited, a private company incorporated and registered in the British Virgin Islands with company number 1839872; AES International Global Limited, a private company incorporated and registered in the British Virgin Islands with company number 1887885. Please visit our authorisations page for further information on regulation, redress and accessibility.

If you are outside the UK and we advise you or carry out other business, nearly all the rules, regulations and arrangements made under the UK regulatory regime (including the rules made by the FCA and the dispute resolution process provided by the UK Financial Ombudsman Service) will not apply to most aspects of the service you receive, such advice or business being provided from outside the UK. You should therefore clearly understand such rights and protection as are afforded in the jurisdiction where you receive advice. Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK.

RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful. For further information, please click here.

Trireme
Pension Services

An independent review by our team of experts

REVIEW SUMMARY