The InterRetire Platform is based in both Hong Kong and the Channel Islands.
Hong Kong
About Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region, is a largely self-governing territory of the People's Republic of China.
Hong Kong is a global metropolitan and international financial centre and under the "one country, two systems" policy, Hong Kong enjoys a high degree of autonomy in all areas with the exception of foreign affairs and defence, which are the responsibility of the PRC Government.
Trustee
Bank Consortium Trust Company Limited
18/F Cosco Tower, 183 Queen's Road Central, Hong Kong.
Bank Consortium Trust is a company incorporated in Hong Kong and registered as a trust company under the Trustee Ordinance in Hong Kong . It is a wholly owned subsidiary of Bank Consortium Holding Limited, owned by eight Hong Kong Financial Institutions. (www.bcthk.com).
Regulatory Environment
The Regulatory Authority responsible for regulation of Hong Kong based retirement benefits plans is the Mandatory Provident Fund Schemes Authority “MPFA” (As the Registrar of the Occupational Retirement Schemes).
Refer MPFA web site www.mpfa.org.hk for more details.
Channel Islands
Location
The Channel Islands are an archipelago in the English Channel, off the French coast of Normandy.
They include two separate bailiwicks: the Bailiwick of Guernsey and the Bailiwick of Jersey. They are British Crown dependencies, but neither is part of the United Kingdom.
The InterRetire Channel Islands Trustee and Administrator are based in Guernsey and Alderney respectively.
(As well as the island of Guernsey itself, the Bailwick of Guernsey includes Alderney, Sark, Herm, Jethou, Brecqhou, Burhou, Lihou and other islets).
Trustee
Carey Pensions and Benefits Limited
www.careygroup.gg
The Trustee is a wholly owned subsidiary of Carey Administration Limited which is owned by Carey Holdings Limited which in turn is owned by some of the Guernsey partners of the law firm of Carey Olsen, the largest law firm in the Channel Islands.
Headquartered in Guernsey where the Group is licensed and regulated by the Guernsey Financial Services Commission it has operations in Alderney, Monaco, Zurich, Luxembourg, Geneva and Cyprus.
Registered in Guernsey under Registration Number: 39935
Regulatory Environment
The Trustee of InterRetire Channel Islands, Carey Pensions and Benefits Limited, is regulated by the Guernsey Financial Services Commission pursuant to the Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000.
Refer to the Guernsey Financial Services Commission website for more details.
About Singapore
Singapore is well established as an international financial centre with excellent professional infrastructure.
Singapore, with its strategic location is considered a gateway to key markets such as India, China and Indonesia. In addition, a low tax environment, an effective regulatory framework and independent legislature provide an ideal location for international retirement trust.
Trustee
EFG Trust Company (Singapore) Limited, Trustee of the InterRetire Singapore International Pension Plan is a member of EFG International, a global private banking and asset management group headquartered and listed in Switzerland.
The company is licenced as a Trust company by the Monetary Authority of Singapore.
EFG Trust Company (Singapore) is a wholly owned subsidiary of EFG Offshore Bank Regulated in Jersey, Channel Islands.
The Singapore Plan has been established as a Trust under Singapore law, allowing individuals or groups to become members of the plan by way of Deed of Attachment.
Administrator
Under the InterRetire Singapore Plan Deeds, the Trustee may delegate the administration functions for certain member plans. It is proposed to delegate plan administration to Carey Administration Limited, who are regulated in Guernsey, by the Guernsey Financial Services Commission (www.gfsc.gg).
Regulatory Environment
The Regulatory Authority responsible for regulation of Singapore based Trustee companies including EFG Trust Company (Singapore) Limited is the Monetary Authority of Singapore “MAS”.
MAS functions include
- to act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems and serving as banker to and financial agent of the Government
- to integrate supervision of financial services and financial stability surveillance.
