Cases

Facts

Our client had in the past worked and lived in six different countries. He had acquired separate Corporate Pension Claims at all four employers.

Issues

Our client never had the opportunity to really look into his Pensions and Wealth Management. Our client asked our company if we could provide global insight and optimization.

Solutions

It turned out that whereas our client had been advised correctly in South-Africa, that especially his US based Corporate Pensions were not in his best interest. The US advisor clearly had not been acting in the best interest of our client. He had provided plans with an excessive risk coverage and cost levels which were five times the normal level.

Regarding his Wealth Managament we noticed that an accurate Personal Risk Profile was lacking and subsequently an optimal investment approach.

Thus we advised our client how to optimize his Global and especially his US based Corporate Pension Claims. Plus how to create Wealth Management within and outside of his Corporate Pension Plans in such a way that it reflects his Personal Risk Profile.

Facts

Our client had worked and lived in The UK for many years and had several kind of Corporate Pension Claims. As he expects to retire on mainland Europe, he was wondering what would be the best approach towards those claims.

Issues

The central issue was if our client should transfer all his Corporate Pension Claims to a QROPS, as advised by several international consultancy firms.

Solutions

After having read the reports of other consultancy firms and having completed our own analyses, it turned out that tax benefits as projected in those other reports were not accurate.

Regarding certain elements a transfer to a QROPS would even substantially increase the income tax exposure. Certain projected increased investment results were furthermore not realistic due to the Personal Risk Profile of our client.

Finally it was advisable not to switch annually conditionally indexed guaranteed DB Pension Claims for not guaranteed investment based DC Pension Claims.

Facts

Our client had been working already in three different countries and was thus keen on creating an optimal Pension Planning.

The company she now worked for offered a ‘Cash Pension Plan’ meaning that the ‘Pension Allowance’ was taxed as regular wages after which the employee could freely decide what to do with the net capital.

Issues

Our client requested our company to optimize her Corporate Pensions and Wealth Managament.

Solutions

Regarding the optimization of the Corporate Pensions we were able to convince the employer of the substantial negative impact of a ‘Cash Pension Plan’ and assisted in setting up a regular Corporate Pension Plan with highly relevant tax benefits.

Regarding the Wealth Management it was a pleasure to hear from our client that due to our Investment Memorandum, she now felt that she understood the basics of how to invest and felt not vulnerable anymore.

Facts

Our client had in the past worked for several companies within the EU and had several related Corporate Pension Claims.

Issues

As she started to work for an NGO, the question was how to treat the existing Corporate Pension Claims. She informed us that the new workrelated Pension Plan offered a guaranteed Pension Claim and asked if she should transfer the exiting Pension Claims into the new plan.

Solutions

Our client had been correct in stating that the NGO has said that the Pension Claim would be of a guaranteed DB nature.

However, after having read all legal documentation about the plan, it turned out that initially there was only an investment based DC Pension Claim and that only after 5 years of participation there would be an entitlement to a guaranteed DB Pension Claim.

In case she would have transferred the existing guaranteed Pension Claims into the investment based Pension Claim and would not remain at the NGO for at least 5 years, she would not have had a guaranteed DB pension claim and the previously existing annually indexed guaranteed Pension Claims would have been changed into investment based Pension Claims.

As calculations showed that the transferable value of the existing Pension Claims was not enough to on short term have the equivalent of 5 years of participation, the transfer was not implemented. The existing DB Pension Claims remained intact.

Facts

A young couple moved to The Netherlands after having lived and worked previously in The UK and Switzerland.

During their first 6 years in Holland they did not have any Corporate Pension Claims. Recently their employer introduced a Corporate Pension Plan with a rather low amount of annual premium for Old Age Pensions. The Next of Kin Pension coverage was also modest as our clients have three young children.

Issues

Due to their past they had a substantial lack of State Pensions, Corporate Pensions and Risk Coverage.

Solutions

Regarding State Pensions they did not acquire additional claims as that was not attractive.

Regarding Corporate Pensions it was within the plan not possible to use all allowed tax benefits. Thus they infused the maximum allowed additional premium within the plan.

In order to optimize their tax position they each acquired a Private Pension Plan in order to use the not yet used tax benefits of the last 6 years. And use it likewise in each new year.

Finally they acquired a Private Risk Coverage which pays-out a onetime net € 500.000,- if one of the parents might pass away within the first 10 years.

Facts

Due to our international network we were contacted by a Lawfirm in Singapore. They represented a number of Directors who worked for a Global Oil Company in Asia Pacific.

Issues  

The issue was i.e. that the Company preferred to unilaterally change the guaranteed Corporate Pension Claims into not guaranteed investment based Corporate Pension Claims. This without any compensation nor discussion. Which scenario had substantial negative implications for the Directors.

Solutions

On behalf of our clients we have described in an objective manner what these days is considered to be a deemed suitable Board Level Corporate Pension System/Type of Claims/Amount of Claims and correct process for possible change. Furthermore our calculations showed objectively what the proposed change would mean for our clients. Thus providing insight in feasable goals in order to get the best new Board Level Pension Plan. 

Facts

A Global French Company had not been able to focus on the pension situation of their Regional Directors. 

Issues  

Thus the Company asked us to provide insight and optimization within deemsed suitable International Corporate Standards.

Solutions

On behalf of the Company we have objectively described what is deemed suitable and assisted the Company as well as the Expats with the implementation of the change by providing tailor-made consultancy to each Expat. 

Facts

A European Company contacted us about questions regarding their German Corporate Pension Plan which also included their Directors.

Issues  

After research it appeared that the coverage did not meet deemed suitable standards regarding the type of Pension System nor the amount of Pension Claims.

Solutions

On behalf of the Holding we have assisted in introducing the correct type of Pension System and the correct amount of Pension Claims in Germany. During which implementation we hired local actuarial/legal/tax professionals. In this process we also changed the Actuarial Firm as the new firm provided substantial better services for half the price.

Facts

The company preferred a lean and mean approach resulting in a 'Cash Pension Plan' for the employees and expats.

Issues

A 'Cash Pension Plan' is no official Pension Plan and thus lacks the related coverages and has no tax benefits. Both elements have substantial negative impact.  

Solutions

After we had explained the benefits of a formal Pension Plan to the Board in an objective manner and that in the future we would take care of all related issues, the Board gladly co operated in installing the best Pension Plan for both employees and expats.

Facts

After having lived and worked in Australia, USA, The Netherlands and UK, our client wished to retire in Australia.

Issues

Our client requested optimization of especially his International Corporate Pensions and how to best implement his private capital.

Solutions

After having analysed the applicable Double Tax Agreements, we first optimized the DB pension claims. Then we carefully assessed the Personal Risk Profile of our client and proposed an approach using all available flexibility and giving the largest possible amount of his private capital additional time to be invested.

Facts

Our client requested insight and if possible optimization of the older and current pension claims.

Issues

The company had tried to provide service by installing an International Pension Plan and in Europe a 'Cash Pension Plan'.

Solutions

Regarding the past the substantial investment based pension capital lacked a Personal Risk Profile and an optimal Investment Mix. After we had established the Personal Risk Profile we looked into all Investment Funds options and recommended the correct Personal Risk Profile and Investment Selection.

Regarding the current situation we explained why the 'Cash Pension Plan' was no pension plan at all and had very negative (tax) implications. After which the company was informed of our advice in order to implement a deemed suitable Pension Plan with optimization of tax benefits.

Facts

A global company had acquired another company in which process executives relocated from several countries to the new regional home office country.

Issues

In the process the previous pension consultancy firm had neglected to make sure that the corporate pension plan transition of these executives went according to a well structured and correct plan. Thus both the company and the executive expats were in the dark of what would amount to the correct kind and amount of corporate pension claims.

Solutions

By comparing the former three national corporate pension plans with a proposed new corporate pension plan, we were able to advise our client how to take care of omissions and implement them in the best possible and efficient manner.

Facts

Our client is a Dutch pilot who worked and lived in Hong Kong. He is planning to move back to The Netherlands and would like to have the best treatment of his corporate pension claims in Hong Kong. 

Issues

The issues that required attention were among others:

• The kind and amount of pension claims at different retirement ages;
• The difference between pay-out in Hong Kong versus The Netherlands;
• If the pay-out were to happen within The Netherlands to make sure he would have the lowest tax exposure.

Solutions

We addressed all issues and thus providing beforehand the best options for our client regarding especially flexibile pay-out and lowest tax exposure.

Facts

Our client is a French R&D Director working for a global company in Switzerland. He has to relocate to The Netherlands for a new position and would like to have the best treatment of his rather substantial Swiss corporate pension claims. 

Issues

The central issue is how to treat his Swiss corporate pension claims in order to secure the lowest tax exposure in both Switzerland and The Netherlands.

Solutions

We addressed this issue by looking into all options as provided by the existing Double Tax Treaty Switzerland/The Netherlands. By means of arranging a ruling with the Swiss Tax Authority it was possible for our client to have a rather low tax exposure. 

Facts

Our client is a UK medical specialist who while working and living within The Netherlands had acquired many kind of Corporate and Private Pension Claims.

Issues

The central issue is how to treat all these claims for our client to have the highest post tax income in the UK.

Solutions

We addressed this issue by going through the following steps:

• First acquiring up to date information about all Corporate/Private Pension Claims;
• Then we advised our client how to combine the best quote outcome with lowest taxation making use of the options as provided by the Double Tax Treay UK/The Netherlands and the current policy of the Dutch Tax Authority;
• After a quote beauty contest for Pension and Annuities we provided the best gross outcome;
• Then followed the process of the Dutch Wages Tax Exemption requests. 

Facts

Our client, being a UK based international company, required a corporate pension plan for her in Holland working UK employees while the company did not have a permanent settlement in Holland.

Issues

The main issue was to see if in such circumstances it is indeed possible to select and implement a Dutch corporate pension plan.

Solutions

After making sure such a plan was indeed possible in this particular case, we selected and implemented the best possible Dutch corporate pension plan at a PPI.

Facts

Our client had worked in the UK and acquired Corporate Pension Claims. Not by means of a UK Pension Claim nor as QROPS but as Guernsey based Pension Claims in two International Pension Plans.

Issues

The main issue was that neither our client nor the provider in Guernsey nor the former advisor had seen to a correct establishing of the Personal Risk Profile and relating investment mix. Both relevant aspects for a DC pension claim.

Solutions

First we have carefully established the Personal Risk Profile of our client by using our own 4 page form. Then we have requested insight in all avaliable investment funds. After carefully analyzing all funds regarding type of investment, score towards benchmark and all costs, we drafted an Investment Memorandum with all information and our recommendations.

Facts

Our client with US nationality had worked in the past in Holland. As he now retires in the US, he would like to get the best quote for his Dutch Corporate DC Pension Capital.

Issues

In the past we would request and compare quotes from insurance companies, which would differ substantially. Thus such a comparison was advisable.

Solutions

Due to the US legislation there is currently no Dutch insurance company willing to provide a pay-out quote of a DC pension capital for a US resident if the capital has not been acquired at that very insurance company.

In that case, you would only have the quote from the then existing insurance company, which might easily inflate costs and lower the lifelong annual pay-out!

The alternative being a transfer of value from The Netherlands to a US corporate pension claim is also ‘not that easy' to implement.

Facts

A Global Director from Australia had a UK Pension Claim and requested our input regarding the optimization thereof as she was concerned.

Issues

The existing pension investments were not acceptable as they projected for an offensive risk profile a 25 year annual 1% return on investment. Which would make a normal retirement impossible.

Solutions

We presented two options being either optimizing the current investments or to transfer the pension capital to a Maltese QROPS.

Besides the investments the issue of how to prevent or mitigate double taxation by means of Double Tax Treaties was relevant.

Facts

An international company wanted to install the best possible retirement plan for their global employees.

Issues

The issue was how to get the best plan. Meaning that the company would not be burdened with many annual additional tasks and compliance regulations. And meaning for the employees to have the best pension claim at low costs with the very important tax benefits.

Solutions

At first we provided insight in all the options by means of a presentation for the management and employees. After which we selected and implemented the plan which best provided the desired elements.

Facts

Our client had worked in the past in The Netherlands and the related tax issues were handled by one of the ‘Big 4` tax and audit organizations.

Issues

Our client was entitled to a substantial 2011 refund, which had not been dealt with in the past by the previous advisor and who also did not warn our clients of the legal issues that would arise if there would be no action within several years.

When we contacted the Dutch Tax Authority on behalf of our client, they stated that our client had lost his legal claim due to inaction during 5 years.

Solutions

We started with (for the first time in this file) carefully gathering and stating all facts in a legal objection to the Dutch Tax Authority. To our regret they did not handle this matter in the usual correct manner which resulted in an additional legal procedure complaint.

As we kept calling them each week and had contact with several departments, after several months it turned out that they finally apologized to our office and to our client and the refund was paid after all.

Facts

Our client from the US had never had professional advice about his international pension & investment position and felt it was time to start due to his international work situation.

Issues

We carefully read all documents to check to what extent it matched the profile of our client.

Solutions

It turned out that our client appeared to be participating in an International Pension Plan (IPP) located on the Isle of Man of which the local tax benefits had not been communicated in a correct manner.

As our client did not get any tax benefits on his substantial monthly voluntary contributions, we ended this right away. Furthermore we carefully established his Personal Risk Profile which resulted in an adjustment of his current IPP investment as well as in his already existing US 401 (K) investment.

Finally we advised our client how to optimize his future US workplace pension claim.

Facts

Our client had worked in several countries and and had elaborate remunerations including Bonus/SARs/RSUs and different kind of international investment categories.

Issues

Our client requested our company to provide oversight and optimization as there was the feeling that the lack thereof could be costly.

Solutions

By carefully analyzing all facts and especially the international tax situation now and projected in the future and by proving several realistic future scenario’s, it was our pleasure to assist our client in creating the best pension planning and wealth allocation.

Facts

Our client had in the past transferred a UK occupational pension claim to a Maltese QROPS as advised by his adviser.

Issues

When we reviewed our client's situation, we informed him that the move to the Maltese QROPS was not correct as the impact of the UK/The Netherlands Double Tax Treaty and its current implementation by the Dutch Tax Authority had not been taken into account which would increase his overall tax exposure.

Solutions

We assisted our client in order to revoke the Maltese QROPS without negative costs/investment impact and to switch back to a UK SIPP.

Facts

We were contacted by our client regarding their two substantial UK Occupational Pension Claims.

Issues

The first issue was that they had ended contact with another firm and that they would like to be advised by our firm. The issues at hand were that they lived and worked in Nigeria and The Netherlands while the Dutch location would end within a few weeks and thus they would like to know on rather short notice to which country in Europe to go to in order to have the highest net and most flexible pension result for the rest of their life.

Solutions

Even though we had to provide advice on short notice, we maintained our signature thorough approach. After first making sure that we had all the facts and knew exactly the wishes of our client, we looked into all options and all relevant Double Tax Treaties. Which resulted in a substantial report with a brief recommendation.

Facts

We were contacted by a UK Pension Consultancy Firm and ask to provide pension tax consultancy for their client with UK/The Netherlands issues.

Issues

The client had been advised to request a onetime 100% UK Occupational Pension Lump Sum pay-out which would result in a 50% tax exposure.

Solutions

We informed our client that such an extreme tax exposure should be prevented. For the first time in this file, we looked at the overall situation and it appeared possible to start the other regular pension claims a few years sooner without higher tax exposure and thus creating the option to get the 25% UK Lump Sum totally tax free.

Facts

Our client had in the past worked and lived in several countries and had acquired separate Corporate Pension Claims in Ireland and The Netherlands.

Issues

Our client never had the opportunity to really look into her Pensions and Wealth Management. Our client asked our company if we could provide global insight and optimization.

Solutions

As our client ended her current employment on very short notice, we gave her preference and implemented that recent wages pay-out was revoked and that the again paid wages were paid gross into the corporate pension plan. Thus creating a compounded return on investment on this otherwise tax money for 25 years.

Furthermore we carefully established her Personal Risk Profile and re-adjusted the current Irish And Dutch pension investment mix.

Finally we advised our client which country is best to retire taking into account tax rates and cost of living.

Facts

In Peru elections are soon to follow which is expected to have an impact on the pension system.

Issues

Our in Peru residing client asked our company to guide them in how to prevent an expected nationalization of their already acquired and paid for occupational pension claims in Peru.

Solutions

We have assisted our client in finding the right type of international pension claim and how to meet the national tax and civil law regulations in Peru as that has to be met without any doubt.

Facts

Our client had received a Golden Parachute from his former employer and requested advice about how to implement this in the most flexible manner with the lowest international tax exposure.

Issues

Due to the Fatca legislation there were special rules to take into consideration. Furthermore the standard proposed pay-out resulted in a too high tax exposure.

Solutions

We have advised our client how to create the lowest tax exposure by adjusting the standard pay-out plan and how to get a tax exemption.

Facts

Our clients had lived in several countries and requested advice about the optimization of their State/Occupational/Private Pension Claims.

Issues

The Swiss and UK pensions were not optimal and required attention.

Solutions

Regarding the Swiss Occupational Pension Claims, we have advised an adjustment of the investment mix.

Regarding the UK Private Pension, it seemed that the provider had accepted all newly infused capital even though it turned out that there was no UK tax benefit and thus no logic to do so. Thus we advised to take it out of the more restrictive pension sphere and move the capital into the more flexible and less costly investment sphere.

Facts

Our client had lived and worked in several countries based on an international assignment and now requested our company to assist in the optimization of her overall pension/tax planning.

Issues

It was key to use all pension related tax benefits in the current residential country and if possible leave the international occupational pension claim intact for as long as possible.

Solutions

The amount of pension related tax benefits between occupational and private pensions tend to influence one another. It would not be positive if the existing international occupational pension coverage would deminish or even delete the private pension tax benefits.

We managed to explain to the national tax authority that the international coverage should not be taken into the formula when calculating the tax benefit for the private pension plan.

Facts

Our client has the Dutch/US nationality and requested our guidance towards optimization of his international pension planning.

Issues

Our client has several kind of US pension plans which have not yet been looked into and likewise regarding how to best sell the company in order to get the highest after tax result.

Solutions

We first carefully analysed the US pension plans and made proposals how to handle the risk/return/pay-out optimization in time towards retirement.

Likewise regarding how to use the proceeds of the sale of the company.

Thus i.e. it was about (inter)national tax/risk minimization and return/pay-out flexibility optimization.

Facts

Our client lives and works in Asia Pacific and has acquired several pension claims and looks into several possible retirement locations.

Issues

For our client it is interesting to know which retirement location would best service his financial needs.

Solutions

We have looked into all (inter)national tax and pay-out flexibility options and advised accordingly.

Facts

Our client is a renowned Japanese company which has a French Board to manage their EU affairs. Among which a Dutch settlement with employees from different nationalities.

Issues

The main issue was how to meet the French Board’s wishes regarding Dutch pension implementation and also to make sure that it was constructive for the empoyees and feasable.

Solutions

The solution was to provide only essentials and not go into details and when there were tricky issues, we just calculated back from the correct final situation.

Many different cultures work fine together if you provide clearity, have patience and a good sense of humor.

Facts

Our client is a UK professional who is working in The Netherlands and he received a very interesting international job offer on director level from a USA based foundation.

Issues

As our client will have a college in Germany with an equal job description, the issue was how to address all job remuneration aspects.

Solution

We have assisted our client by explaining the difference regarding State and Workplace pensions in The Netherlands and Germany and what according to our view would be the correct valuation and comparison of those claims and the translation in the correct amount of wages.