The Balley Chashtal SIPP (BC SIPP) is our personal pension scheme available to Isle of Man residents.
The BC SIPP is dual-approved to provide benefits under the rules set out both before and after the 2018 introduction of the Isle of Man Pension Freedoms. Our guide on the new rules can be found here.
Dual-approval allows residents to have all of their pension benefits under one scheme, providing simplicity and clarity, without compromising on the advantages of the new rules.
There are therefore two sections within the scheme:
• BC SIPP (PFS) - incorporating the new pension freedom rules
• BC SIPP (1989) - for existing benefits
Each section of BC SIPP now offers specific advantages to you, the member, depending on your own individual circumstances:
• BC SIPP (PFS) enhances the flexibility of your future retirement choices with regular contributions being paid by you and your employer into a pot which will offer maximum access after age 55
• BC SIPP (1989) will accept transfers in from other Isle of Man approved and/or UK pension schemes you may have without incurring a transfer fee