Offshore Savings Account

Helping you supplement your pension income

When planning for retirement, your pension contributions are limited, not only to how much you can pay each year, but also the maximum you can have invested in a pension. Any excess pension savings are subject to significant levels of tax and this can reduce the amount you have to spend in retirement. Alternatively, you may prefer to save for retirement outside of UK pensions, for example if you are looking to retire abroad.

The use of an investment based in the Isle of Man, such as the Offshore Savings Account from Canada Life International, allows for tax-efficient growth.

  • The amounts invested and the value of your savings 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 is similar to that of a pension or ISA as 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.
  • Can be denominated in a choice of currencies to suit the investor’s circumstances – sterling, US Dollars or euro.
  • The ability to vary the amount being saved, giving flexibility as and when circumstances change, with the ability to add lump sums as and when they become available.
  • Unlimited free switching between the offshore life funds is available.
  • As UK tax may apply when bringing any profits onshore, there is flexibility when you want to take any money out of your investment, helping to minimise the effect of tax.

The fund range available includes over 150 offshore 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 and you should speak to a professional adviser to ensure that any investment is suitable for you.

The Offshore Savings Account will appeal to UK investors looking to invest regular amounts in an offshore environment with the ability to pay additional amounts at any time.

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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.