International Retirement Benefits

We help companies manage their international retirement benefit plans, including compliance with
pension regulations and accounting standards, and design and administration of competitive retirement benefits

Global Retirement Analysis / Study Program (GRA/SP)

GRA/SP Objectives

  • Determine the level of retirement plan benefits, including social benefits, for each country on a globally
    consistent basis
  • Benchmark against competitive practice by country
  • Provide a global comparison of benefit levels across all locations
  • Identify the level of retirement plan benefit adequacy in local markets based on the client’s philosophy
  • Support management recommendations for new or enhanced supplemental retirement plans

 

The following is a sample of a Global Retirement Analysis / Study Program performed for 3 countries: Canada, Germany and United Kingdom:

 

 

 

 

 

 

 

 

 

 

Pension Analysis – International Assignees

 

Companies often make special retirement benefit promises to employees as part of an international assignment, e.g. a guarantee of benefit level in the employee’s home country. Promises may have been dated years ago, with no practical method for calculation of benefits at retirement. Outland Consultant actuaries analyze the benefit promise, model benefits under the relevant plan structures, and advise the client as to an equitable solution along with the relevant cost.

 

Consolidation of International Pension Accounting Results

 

For financial reporting, companies require a consolidated report in USGAAP (ASC715) terms with the results of each US and international pension or other benefit plan involving a company promise or guarantee. Relevant benefit plans include those that are voluntary or mandated, funded or non-funded, written or oral, and cash balance or defined contribution with a guarantee of investment return.

Annual and quarterly reporting, along with asset class level reporting.
Forecast of cash and expense
Accounting for special events, such as settlement and curtailment
Analysis of financial effects of plan merger or discontinuance

Global Retirement Plan

 

Outland Consultants assist clients with establishment of a global retirement plan for third country national (TCN) employees and key local national (KLN) employees. Plan registration is offshore, normally in the Channel Islands.

  • Steps in establishing a global retirement plan:
  • Select the sponsoring company
  • Select trustee, administrator, website manager, investment manager, and actuary
  • Draft and execute Trust Deed and Rules
  • Set-up member records
  • Select investment funds to be offered
  • Create brochures and video explaining the global retirement plan to members
  • Communicate to members
  • Periodic funding requirements
  • Annual review meeting

For more information email us at: info@outlandconsultants.com