Offshore Retirement - PDF

Document Sample
Offshore Retirement - PDF Powered By Docstoc
					Offshore Solutions
for Savings
and Retirement
Your gateway to growth


       1. A foundation for the future               1

       2. Global resources                          2

       3. International savings and
          retirement benefits solutions             3

       4. Structured for flexibility and choice     4

       5. Plan design                               6

       6. Defined Contribution Plans                7

       7. Defined Benefit Plans                     9

       8. Investment choice                        10

       9. Take the next step                       11
A foundation for the future

                  Investing today for a better tomorrow

We live in an increasingly global economy,      In this ever-changing world, it is important   International mobility often complicates
where mobility of labour and cross-border       for employers to help their employees to       this issue, with many individuals losing
commercial activity are becoming a way of       save throughout life and to provide for a      entitlement to state benefits due to their
life. For companies, it means embracing a new   comfortable retirement, as these invariably    non-residence. At the same time, the
set of rules for the way they operate and for   feature as the most important concerns in      increasing trend away from state-funded
the way they reward their employees.            financial planning for any individual.         benefits has only heightened the need for
                                                                                               individual provision.

The Federal Reserve Building, USA

Page 1
Global resources

                        Enjoy the benefits of specialist knowledge and a global reach

Generali Worldwide specialises in providing        serve whilst our services are delivered by        We also work closely with the Generali
insurance-based services to companies              experienced executives and professional staff     Employee Benefits (GEB) network, which
operating across international borders and their   from a wide range of disciplines, supported by    provides a broad range of services including
internationally mobile employees.                  modern and efficient administration systems.      life, health and pension benefits for employees
As one of the world’s largest offshore providers                                                     of multinational corporations. GEB offers an
in the market, we can provide effective and        Generali Worldwide is a wholly owned              effective approach to global employee benefits
efficient solutions to employers to help them      subsidiary of Assicurazioni Generali S.p.A.,      management which includes ‘multinational
gain an advantage in a competitive and             which has an international presence across        pooling’ and ‘reinsurance to a captive company’.
increasingly global employment market.             five continents and its success is reflected in   By providing employee benefits on a worldwide
                                                   being ranked a top 50 company by Fortune          basis, and combining risk experience, the GEB
Our strength and expertise are evident in          Global 500 (2008), with assets under              network can often generate significant savings.
both our product range and our services.           management in excess of E360 billion*.            Today the network is one of the world’s largest
Our products reflect the international                                                               employee benefits providers.
nature of the individuals and companies we

* Correct as at February 2009                                                                                   Generali Building, Trieste, Italy

                                                                                                                                             Page 2
International savings and retirement benefits solutions

                   Working with the specialists

Generali Worldwide recognises that it           The following features highlight some of the      The following pages detail the range of
has become essential for international          advantages of this specialist approach:           benefits, plans and services that are available
corporations to provide flexible offshore       •   Savings plans tailored to individual needs.   to employers who recognise the real benefits
savings and retirement plans that can                                                             of establishing such plans.
                                                •   Customised retirement benefits plans.
give them the edge in a competitive
employment market.                              •   A range of high quality investment fund
                                                    options to choose from, including the
We, therefore, specialise in offshore               popular Deposit Administration funds.
solutions that can be tailored exclusively to   •   Online support through a secure online
a company and their individual employee’s           ‘Service Centre’.
unique requirements which, in turn, allows
more flexibility than can be found in an
onshore plan.

     Wall Street, USA

Page 3
Structured for flexibility and choice

                    Key advantages across all elements

Flexibility                                     •   Employers can choose the mix of              Portability
Flexibility is one of the main attributes           employer and employee contributions          Portability is another important advantage
that attracts companies to set up offshore          and how and when they are paid.              that we offer within an offshore plan. Upon
plans with us. These plans are not subject                                                       leaving service, certain rights under the plan
                                                •   Employers set eligibility criteria and how
to the same constraints frequently found                                                         can be preserved or transferred and the
                                                    and when the benefits can be paid.
within onshore plans, which allows greater                                                       employee benefits can be paid as a lump
customisation where needed.                     •   Plans can be in either US dollars, euro,
                                                                                                 sum. If the employee so wishes, we can
                                                    sterling or Swiss francs.
                                                                                                 also offer them the option to transfer to an
Flexibility is also available to the employer                                                    individual plan (more information available
through the following:                                                                           on request).

                                                                                                                    Bank of England, London

                                                                                                                                         Page 4
Structured for flexibility and choice

                    Key advantages across all elements

Investment opportunities                          Easy and efficient administration               Secure online ‘Service Centre’
•   A choice of top quality funds is available    • Each plan is administered by a dedicated      Option to view and / or print the following:
    to meet a variety of risk / reward profiles      Account Executive.
    including money market, equity, fixed         •   All administration is based on a modern     •   Plan and employee contributions.
    interest, Deposit Administration funds            computerised system, utilising the latest   •   Plan and employee valuations.
    and Lifecycle Strategies.                         relational database technology.             •   Current plan values by fund.
•   Employees select how their contributions      •   Statements of benefits and fund             •   Plan records and contact details.
    are allocated to the range of funds that          valuations are provided for each
    have been pre-selected by the employer.           employee.
•   Switching / Redirection between funds         •   Payments of benefits under plans can be
    is available.                                     paid direct to employees.

Bank of England, London

Page 5
Plan design

                  Fine tuned to the company’s needs

We offer the following range of savings and
retirement plans, allowing the employer
to choose what best suits its particular
circumstances and that of its employees.                                           Corporate Savings Plan
A more detailed overview of each type of
plan can be found on the following pages.                                                    or
                                                           Direct Insurance Plan

                                                                    or                  Customised
                                    Defined Contribution
                                                               Under Trust

                                       Defined Benefit

                                                                                        Lloyds Insurance Building, UK

                                                                                                              Page 6
Defined Contribution Plans

                    Packaged and tailored solutions

Defined Contribution Plans, also known              •   Sources of contributions:                    Structure of plan
as ‘money purchase plans’, are company
                                                        -   Payments from both employer              • The plan is available in US dollars,
retirement plans that have a variable                                                                    euro and sterling.
                                                            and employees (compulsory
retirement benefit based on the contributions                                                        •    Each participating company
                                                            and voluntary).
paid into the plan each year and the                                                                      contributes regularly.
                                                        -   Payments from one or more locations
associated investment returns. The investment
                                                            called ‘billing destinations’.           •    Annual company / member statements
risk / benefit is wholly borne by the employee
                                                                                                          are sent to a central location.
and, therefore, the employer’s liability is fixed       -   Grouping of employees into
to the agreed contribution rates.                           different categories.                    •    Members may switch / redirect
                                                                                                          their investments.
                                                    •   Switch / Redirection facility.
Generali Worldwide Customised Plan                  •   In-service withdrawals.                      •    Member benefits are available in the form
The Customised Plan, whether under trust                                                                  of a lump sum upon leaving service or
or as a direct insurance plan, is based on
                                                    •   Reporting and communication.
                                                                                                          continuation options are also available.
flexibility and tailor-made service provision.
                                                    Generali Worldwide Corporate Savings Plan        •	   Daily information is available online for
This plan design is most suitable to medium                                                               both companies and members.
                                                    The Corporate Savings Plan is a direct
/ large plans or small high-value plans and is
                                                    insurance plan designed to allow companies
ideal for both savings and retirement.
                                                    with a small membership to set up a cost
                                                    effective plan. This standardised plan offers
The plan allows the employer to define a
                                                    the employer flexibility with regards to
wide variety of services and to have a more
                                                    eligibility, investment and contribution
flexible approach in terms of:
                                                    amounts, with the additional provision that if
•   Fund options offered.                           plan membership grows sufficiently it can be
•   Frequency of contributions / amounts paid.      transferred to a customised plan.

Page 7
Generali Worldwide Umbrella Plan                Structure of plan                              •   Employees may switch / redirect their
The Umbrella Plan is a trust arrangement        • The plan is available in US dollars, euro,       investments on a quarterly basis.
that has been developed by us along with            sterling and Swiss francs.
                                                                                               •   Employee benefits are available in the
an independent trust company. Its objective     •   Each participating company contributes         form of a lump sum upon leaving service.
is to provide a cost effective corporate            monthly at a set date. The trustees
retirement plan, within a common framework,                                                    •   Individual transfer options available.
                                                    then transfer the monthly ‘umbrella’
for employers with a small number of                contribution amount to us as one
internationally mobile employees. The trust                                                    In-service withdrawals are not permitted
                                                    lump sum.
company then acts as an independent trustee                                                    within the umbrella structure.
                                                •   The participating employer receives a
of the plan and is the owner of the plan
                                                    company and members’ valuation and
assets, which gives more security and comfort
                                                    transaction statements on a quarterly
to employees.
                                                    basis via the trustees.

                                                                                                                Frankfurt Stock Exchange

                                                                                                                                       Page 8
Defined Benefit Plans

                  Helping to manage your risks

Defined Benefit Plans, also known as ‘final   We provide a full service for the investment   We collect all premiums, invest them,
salary schemes’, are company-sponsored        element of a Defined Benefit Plan and work     issue fund valuations and pay benefits as
retirement plans that have a guaranteed       either with the employer’s own actuarial       directed by the actuarial consultant or
retirement benefit based on the final         consultants or recommend a Guernsey-based      the employer / trustees.
salary and length of service of an employee   actuarial service provider to perform
and in which the employer bears the           liability calculations.
investment risk.

Financial District, Tokyo

Page 9
Investment choice

                   Choose from a list of quality funds

We believe in providing our clients with a        The range of funds includes investments           Open Architecture
variety of fund types to suit the diverse needs   based in the world’s bond and equity markets      This service is available to companies that
of their employees.                               and specialist asset classes. We work with        sponsor more substantial savings and
                                                  world recognised fund managers who are            retirement benefit plans and allows them to
Deposit Administration Funds                      chosen for their experience and expertise in      enjoy even greater flexibility and control over
These capital guaranteed funds offer the          the markets that they cover.                      the investment management aspects of their
advantages of a low risk rating combined                                                            plan via an ‘own fund’.
with a guaranteed minimum interest return         Lifecycle Strategies
and steady growth potential that provides         For those employees who prefer not to             To find out more about the funds currently
an excellent foundation for effective savings     select their own funds, we also offer Lifecycle   available, please visit
and retirement planning.                          Strategies. The employee will select their risk
                                                  profile and expected retirement date and we
Managed Funds                                     will risk adjust the portfolio as the employee
We offer a number of managed funds                nears retirement.
encompassing a variety of risk ratings.

                                                                                       Hong Kong Convention Centre and Financial District

                                                                                                                                          Page 10
Take the next step

                   Begin the journey with Generali Worldwide

This brochure is designed to provide an
introduction to our corporate savings and
retirement plans. To understand the breadth
of benefits that we offer, contact should be
made with a Generali Worldwide consultant
or directly with us in Guernsey.

Our contact details:
Generali Worldwide Insurance Company Limited
PO Box 613 Generali House Hirzel Street St Peter Port Guernsey Channel Islands GY1 4PA
Telephone: +44 (0) 1481 715400 Fax: +44 (0) 1481 715390

Generali House, Guernsey

Page 11
Generali Worldwide Insurance Company Limited            Important notes
is a Licensed Insurer under the Insurance Business      The information in this booklet has been
(Bailiwick of Guernsey) Law, 2002 (as amended).         prepared in the light of Generali Worldwide’s
The statutory functions of regulation under the         understanding of current law and fiscal
legislation are carried out by the Guernsey Financial   legislation. No responsibility can be accepted by
Services Commission.                                    Generali for any information contained in this
                                                        booklet. Intending policyholders should in all
To protect policyholders the Commission requires        cases consult their own Financial Advisers.
life companies registered in Guernsey to hold
assets representing at least 90% of liabilities to      Generali Worldwide is a member of the Association
policyholders in custody by an independent trustee.     of International Life Offices.

                                                        Company Registration No. 27151
Licensed Insurer under the Insurance Business (Bailiwick of Guernsey) Law 2002 (as amended)
               and regulated by the Guernsey Financial Services Commission.

      Important notes – The information in this booklet has been prepared in light of
   Generali Worldwide’s understanding of current law and fiscal legislation and we accept
                          no responsibility for their interpretation.

                             Company Registration No. 27151

   Generali Worldwide Insurance Company Limited

                         Registered Head Office address:
                                   PO Box 613
                                  Generali House
                                   Hirzel Street
                                   St Peter Port
                              Channel Islands GY1 4PA

                                                                                              GW Invs Bro 03/09
                             Tel: +44 (0) 1481 715400
                             Fax: +44 (0) 1481 715390


Description: Offshore Retirement document sample