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Legacy Trust, a Hong Kong-based crypto custodian, is going to offer digital assets-based pension plans, CoinDesk reported.
Founded in 1992, Legacy Trust is a public trust company, offering fiduciary and trustee services to custody all kinds of assets, including digital assets. In September 2018, it was granted a license under the new Trust or Company Service Provider (TCSP) licensing regime in Hong Kong.
Legacy Trust provides digital asset services especially suitable for institutional investors, including custody and trust services for digital assets, in partnership with Ledger.
The firm said that the digital assets-based pension plan will be offered to both employees of participating firms and the self-employed. The underlying portfolio will include cryptocurrencies as well as fiat currencies.
“We envisage that this will appeal to businesses who are active in the digital assets space, and who want to offer additional benefits to their employees to retain talent and recognise achievement. What better way to drive employee loyalty while allowing valuable staff to participate in the growth of the company and the digital asset space?” Legacy Trust CEO Vincent Chok said.
As per the report, the plan will be funded either by voluntary contributions or direct deductions from an employee’s salary. The scheme member will receive the pension after retirement. In the event of the death of the scheme member, the pension will be paid out to beneficiaries.
Legacy Trust also said that the new product “addresses various tax concerns for digital asset holders, and eliminates the temptation to sell during price dips thanks to limitations on accessing the capital assets.” (As quoted by Bitcoin Magazine)
