Benefits
In pensions, the amounts of money that can be withdrawn from a pension fund – normally this is an initial lump sum and then a continuing income.
Derivative
A derivative is a financial contract which derives its value from the performance of another entity such as an asset, index or interest rate.
HMRC
Her Majesty's Revenue & Customs.
http://www.hmrc.gov.uk/pensionschemes/overseas-pension.htm
IRD
Malta Inland Revenue Department.
http://www.ird.gov.mt/
Malta
A small island in the Mediterranean Sea, well regulated, English speaking and a member of the European Union.
http://en.wikipedia.org/wiki/Malta
MFSA
Malta Financial Services Authority.
http://www.mfsa.com.mt/
Non-Resident
In UK tax rules, this refers to someone who has satisfied the UK tax authorities (see HMRC) that they are no longer connected to the UK for tax purposes and should not pay tax on non-UK income.
PwC
PricewaterhouseCoopers – Accountants and Auditors to the company and the scheme.
http://www.pwc.com/mt/
QROPS
Qualifying Recognised Overseas Pension Scheme.
Read More about QROPS - Click here
http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
Rebate
In relation to funds this is a refund of some of the charges to the adviser or to the client.
Reportable Event
For HMRC purposes these are mainly payment of benefits, transfers, death and certain other events.
SIPP
Self Invested Personal Pension.
Structured Product
A structured product, also known as a market linked investment, is generally a pre-packaged investment strategy based on derivatives, such as a single security, a basket of securities, options, indices, commodities, debt issuance and/or foreign currencies.
Transfer
Moving pension money from one provider to another. UK pension providers are permitted to transfer funds to a QROPS.
Trustee
Trustee (or the holding of a Trusteeship) is a legal term which, in its broadest sense, can refer to any person who holds property, authority or a position of trust or responsibility for the benefit of another. Although the strictest sense of the term is the holder of property on behalf of a beneficiary. MC Trustees is a corporate trustee which acts as Retirement Scheme Administrator for two Malta Retirement Schemes.
UK Tax year
This runs from 6th April to 5th April. For QROPS this is relevant for several reasons; one being the rules change after 5 complete tax years have elapsed; and the other is that Lifetime Allowances change typically at the beginning of a new tax year.