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Balley Chashtal Self Invested Personal
Pension
Boal & Co have created the Balley Chashtal SIPP (Self
Invested Personal Pension Scheme), a trust-based personal pension schemes for
UK non-residents with pension benefits which are still held in UK pension schemes.
The Balley Chashtal SIPP is 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, and including protected
rights and GMP/contracted-out benefits
- pensions, when they come into payment, are taxed
at low Isle of Man rates – not UK rates.
- flexible arrangements on death, including potential
huge tax savings
The Balley Chashtal SIPP is the flagship of the Balley Chashtal
range, offering the widest possible investment choice. It
enables members (and their advisers) to invest their pension fund in
any or all of the following asset classes:
- 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
Following changes to UK and Isle of Man pension legislation, individuals
no longer need to become IoM-resident in order to transfer UK pensions
to an Isle of Man pension scheme. The more flexible IoM pension rules,
in relation to pension drawdown, tax-free lump sums, and benefits on
death, are therefore available to any individual who has become UK non-resident.
The Balley Chashtal SIPP is:
- registered with the Isle of Man Insurance and Pensions
Authority
- tax-approved by the Isle of Man Assessor of Income Tax
- approved as a QROPS for UK-transfers by HM Revenue & Customs
- contracted-out with the Isle of Man DHSS
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Castletown Harbour
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