Offshore Savings Account

Helping clients save for retirement beyond the allowances

Clients who have funded pensions up to the personal or lifetime allowance may have additional income they want to save, or may want to save more money for their retirement. Exceeding these allowances can be costly as the lump sums and income are taxed heavily. The available ISA allowance is also capped on an annual basis.

The use of an investment such as the Offshore Savings Account from Canada Life International allows the fund to grow in a similar tax-efficient way to pensions. With a suitable exit strategy the tax on exit can be minimised or reduced.

The Account provides the investor with flexibility on the amounts being invested and the option of adding one-off lump sums as and when they are required.

  • The amounts invested and the money saved are not checked against the lifetime and personal allowances
  • There is no time limit to take the benefits or a change in taxation when the investor reaches a certain age.
  • The tax-efficient growth of an investment based on the Isle of Man for a UK resident means that any growth achieved in the Account is not subject to the UK tax regime. UK tax may apply when any profit is brought back into the UK.
  • The Account is set-up as ten identical policies – providing flexibility when clients want to take lump sums or withdrawals from their investment.
  • Can be denominated in a choice of currencies to suit the investor’s circumstances – sterling, US Dollars or euro.
  • Unlimited free switching between the funds available.
  • The ability to vary the amount being paid, giving flexibility as and when circumstances change.

The fund range available includes over 150 international life funds managed by Canada Life’s own award winning investment team and other well-known and respected investment companies such as Jupiter, Investec, M&G and so on.

The funds being invested in can be changed at any time without charge.

The value of investments can fall as well as rise.

The Offshore Savings Account will appeal to UK investors looking to invest regular amounts in an international environment with the ability to pay additional amounts at any time. They may have fully funded their pensions up to the annual and lifetime allowances, fully funded their ISAs or just prefer the benefits of investing in an international environment.  

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This website is for UK professional advisers only and is not approved for use by private customers.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised and regulated by the Financial Conduct Authority.