Self Invested Personal Pension (SIPP)

Self Invested Personal Pension (SIPP)

For Isle of Man residents with substantial UK and/or domestic IOM pension funds (typically £200,000 plus), SIPPs can provide valuable taxation advantages and estate planning solutions in addition to offering increased investment flexibility.

For Isle of Man SIPPs there is no requirement for purchase of an annuity, so funds can continue to be invested in equity and other real assets for long-term growth.

The residual fund is available for passing down to the next generation on death and Isle of Man pension scheme assets are not UK-status.

An Isle of Man pension solution can also ensure that pensions eventually payable are subject only to (low) Isle of Man resident taxation.

Isle of Man approved pension arrangements can receive a tax-free transfer of UK benefits ahead of retirement after formal notification to HMRC that the scheme meets the criteria to be a QROPS and confirmation of such notification has been received.

Boal & Co provide a complete range of Isle of Man SIPP services, including scheme establishment and documentation, application for local Isle of Man approvals, notification of QROPS status, administration of transfers, actuarial advice on pension drawdown and co-trusteeship.