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It is very important in financial planning to select the best product(s) for customers based on their objectives. There are many features which make up a pension product, some more important than others.
The table below provides a comparison of important features within a pension product under different jurisdictions.
|Gibraltar||Australia||New Zealand||United Kingdom||Malta|
|Contribution Limits||No Limit||110,000 AUD||No Limit||40,000 GBP||No Limit|
|Lifetime Limit||No Limit||1.6 Million AUD||No Limit||£1,073,100||No Limit|
|Investment Options||Open Architecture||Blue Chip||Blue Chip||FCA Standard Assets||Open Architecture|
|Age to access benefits||Age 55||Age 55||Age 55||Age 55||Age 55|
|Double Taxation Agreements||0||45||38||133||71|
|Income Tax at Source||2.50%||0%*||0%**||Up to 45%||Up to 35%|
|Tax on Death Benefits||No||No||No||Marginal Rate > 75||No|
* 0% tax will generally apply on income stream and accumulation withdrawals, where the tax was applied on transfer, and the preservation rules are met.
Clients under the age of 60 within an accumulation account can withdraw up to the low rate capped amount tax-free currently $210,000.00 for 2020-2021.
** 0% tax will only apply if the prescribed investor rate = 0%