Self Invested Personal Pension (SIPP)

Boal & Co offer bespoke individual SIPPs (Self Invested Personal Pension Schemes) which are trust-based pension schemes suitable for pension savings and transferring benefits from other schemes (including UK schemes).

With an Individual SIPP, members are co-trustees of the Scheme, and therefore retain considerable control over Scheme. The extensive range of permissible assets include:

• shares and other stock-market portfolios
• fixed-interest securities and other bonds
• unit trusts, OEICs, offshore funds and other pooled funds
• bank and building society accounts
• insurance bonds
• property

The SIPP rules are based on the new flexible IoM pension rules introduced by the Income Tax (Pensions) Act 2008. In particular, it permits:

• a 30% tax-free lump sum benefit at retirement (compared with 25% in the UK)
• pension to be taken at retirement through pension drawdown, instead of annuity purchase
• retirement from age 50
• transfer-in of pensions from UK pension schemes, both personal and occupational,
• pensions, when they come into payment, are taxed at Isle of Man rates
• flexible arrangements on death

Each SIPP is registered with the Isle of Man Insurance and Pensions Authority and tax-approved by the Isle of Man Assessor of Income Tax. In addition QROPS approval can be applied for if required.

Although an Individual SIPP cannot be contracted-out, any benefits that are required to be held by a contracted-out pension scheme can be provided for using one of our Balley Chashtal Schemes.

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