International Retirement Scheme (OMIRS)

The Old Mutual International Retirement Scheme (OMIRS) is an offshore retirement capability, providing a single channel through which multinational companies can provide their employees worldwide with a range of effective retirement funding solutions. This Scheme not only makes provision for effective retirement savings, but also facilitates member-level investment choice.

Functionality

An offshore retirement funding solution for a global workforce.
Available to employees of multinational companies that operate in countries where contribution payments are not restricted by exchange control legislation.
Offers a selection of unitised investment vehicles as well as optional risk benefits, including accidental death cover and group life assurance.
Equitable benefits for employees in all worldwide operations, through a single international scheme.
Members have immediate access to contribution and accumulation information via the internet.

Key Features

An umbrella fund arrangement registered and established as a trust in Guernsey that complies with rigorous trust laws.
The scheme is administered by Old Mutual Life Assurance Company, using its highly regarded MOSAIC administration system.
Administration services include: back-office processing; accounting; benefit payments and communication.
The umbrella fund format assists in minimising costs to employers.
Investment mandates are on an absolute return basis with a strong focus on risk management to limit the effects of short-term international market volatility.
Lump sum benefits are payable anywhere in the world.
Funding is on a defined contribution basis in a tax-free environment.
Investments are structured according to employer specifications and comprise equity, interest bearing, cash, property and alternative assets.
Investors have a choice of three major currencies namely US$, Euro or Pound Sterling.

Value add to employers

Established as a trust in Guernsey, or option to use your own trust arrangement.
A choice of investment channels that provide funding on a defined contribution basis, in a tax–free environment.
Lump sum benefits are payable anywhere in the world.
Outsourced death cover benefit, allowing for provision of benefits in all countries, including in African countries, despite the HIV/AIDS risk.
Employees can move globally and remain on the same scheme.
South African based administration service allows cost savings to be passed on to employer and members.
Employer is free from time-consuming management and administration duties.
All costs negotiated according to member numbers and client requirements.

Value add to employees

Easy access to effective and appropriate retirement funding.
Payment of benefits into bank account of choice, in currency of choice, anywhere in the world.
Portability. Employees can move globally and remain on the same scheme.
Effective retirement savings accumulation in a tax-free environment.
Fund of Funds investment approach limits the effect of market volatility on fund values.
Ongoing member communication and education.
Accessibility to contribution and accumulation information via the internet.

Who can participate in the Scheme?

The Old Mutual International Retirement Scheme is available to employees of multinational companies that operate in countries where contribution payments are not restricted by exchange control legislation.

The scheme is designed for groups of employees (such as a company work force) and does not allow for participation by individuals in their personal capacity.