Section 615 Scheme
A Section 615 (S615(6)) scheme allows UK Limited Companies to establish retirement benefit packages for employees who have duties outside the UK. S615(6) schemes are not ‘off-shore’ solutions – the superannuation fund is established in the UK and enjoys the credibility that schemes recognised in an EU Member state have over schemes established in off-shore jurisdictions.
In October 2011, Pitmans Trustees Ltd were appointed as Corporate Trustee by Section 615(6) Ltd.
Commenting, Richard Butcher, Managing Director at PTL, said:
“This is a particularly satisfying appointment for us, as our involvement in this specialist, but important, niche underlines our skills in working with such bespoke arrangements. S615(6) schemes are a well-established but almost entirely overlooked tool by providers which means they have failed to gain the widespread application they are capable of achieving, such as excellent tax breaks. We have been working with Section 615(6) Ltd for some time now, helping to create a simple but effective offering within a robust governance framework.”
Gary Draper, Managing Director at Section 615(6) Ltd, added: “S615(6) schemes have been available for nearly 80 years in the UK and we have specialised in them for 15. The schemes are currently undergoing a renaissance, as the conditions are perfect now as HMRC clamps down on many of the more aggressive tax-planning strategies. We just needed to find a pragmatic yet innovative firm to work with, therefore having Pitmans Trustees on board opens up the possibilities tremendously.”
For more information on Section 615, please contact Andy Agathangelou
Email: aagathangelou@pitmanstrustees.com
Mobile: + 44 (0) 7748 701 332