DPP/DCP
Where an individual has a personal or occupational pension scheme in the United Kingdom and intends to emigrate from the UK to the Isle of Man. We create set-up and administer local schemes for Isle of Man based businesses and individuals.
The key characteristics EPL's Domestic Pensions, 1989 schemes are:
Depending on which scheme you choose the contribution limit can be up to £50,000 per annum
The basic advice with pensions is to put in is as much as possible, as early as possible. There's a very rough rule of thumb for what to contribute for a comfortable retirement...
Someone starting aged 32 should contribute 16% of their salary for the rest of their working life. While 16% of your pay may seem vast, the figure includes your employer's contribution.
01624 675955
Located in the Isle of Man allows us to pass on a low fee low margin structure to you.
If you are a member of a defined contribution pension scheme, you’re likely to pay some charges. These fees cover scheme administration and investing your contributions to build up your retirement pot.
Please ask us for further details. The SIPPSOnline Pension is designed with no minimum fee and is therefore targetted at those smaller schemes.
01624 675955
Most pensions set an age when you can start taking money from them. This is not normally before 55.
You don't have to commence drawdown after taking a tax free lump sum untill your 75th birthday. You’ll then have 6 months to start taking the remaining 75%, which you’ll usually pay tax on.
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Examples of Cases:
An Isle of Man resident remembers a legacy UK based pension that he/she left behind over 10 years ago when they left the UK. They are aged over 55 and really could do with a tax free lump sum.
If they leave the pension in the UK they are permitted only a 25% tax free lump sum – worse is to follow as Isle of Man Treasury will then tax it at marginal rates as there is no income tax to offset against the DTA on monies received. This is because there is no HMRC QROPS reciprocal arrangement accepted by IOM Treasury for UK pensions
So they need to move it to the Isle of Man DPP pronto – and thereby collect 30% tax free lump sum
01624 675955
A large E Gaming Company relocates to the Isle of Man from Malta ever fearful of the poor reputation for regulation there and wishes to set up a “workplace” scheme for employees based in Isle of Man. The DCP would seem to meet all their needs for a flexible well balanced pension structure.
01624 675955
UK resident beneficiaries of their father’s IOM pension require a QNUPS - a Qualifying Non UK Pension scheme to provide an Isle of Man based pension with IHT and CGT mitigation as well as zero IOM tax upon drawdown.
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The SIPPSOnline pension product was launched by Equilibrium Pensions following the acquisition of SIPPSOnline by Equilibrium Pensions in the summer of 2017.
The SIPPSOnline pension is designed to be a low cost simple offering that appeals to those with small savings and lower costs.
SIPPSOnline is approved under the 1989 Income Tax Act and the main characteristics are:
Set-up Fee: £500
Annual Fee: 0.5% per annum of scheme value taken on a quarterly basis (min £500 pa)
Optional Voluntary services and charges:
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The Isle of Man has produced a "pension freedom scheme" type arrangement that is similar to UK pension freedom legislation - Equilibrium Pensions is pleased to provide the "Agility 61H" pension encompassing the new Isle of Man Pension "Freedoms" under Section 61H of the 1970 Income Tax Act.
The Agility 61H provides flexible access on drawdown post age 55, as well as 40% tax free lump sum. May be suitable for those Isle of Man residents who are currently making contributions out of Isle of Man tax relieved funds.
However, the Agility 61H is unlikely to satisfy HMRC to register as a QROPS, and any Isle of Man 1989 pension transfer is subject to a 10% income tax charge thus making such transfers far less attractive to savers with existing schemes.
You get lots of choice and flexibility over the way your retirement savings are invested from property to money markets.
01624 675955
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01624 675955
The Isle of Man has produced a "pension freedom" arrangement under Section 61H of 1970 Income Tax Act.
01624 675955