UK - A new service which allows foreign workers in UK companies to scrutinise offshore trust providers has been launched by Global Wealth Management.
The tax specialist says its Managing Trustee service places companies that run such arrangements under scrutiny by appointing them to rolling six-month contracts.
Managing director Tim Trudgeon said: “For too long providers of offshore trust services have not been subject to regular scrutiny, meaning clients have reluctantly been forced to accept trustee arrangements that are inflexible, lack transparency and are expensive.”
The service allows Global Wealth Management to pass on to offshore trust firms specialist investment services such as hedge fund and property investment and the use of leverage which they previously lacked.
Trudgeon added: “We believe our Managing Trustee concept is a first for the pension sector… with the ability for individual pension scheme members to hold hedge fund shares, obtain leverage and access a trading platform.”
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers