Domestic Corporate Pensions

Where an individual has a personal or occupational pension scheme in the United Kingdom and intends to emigrate from the UK to reside in the Isle of Man, there are opportunities to transfer the UK pension to a Domestic Pension in the Isle of Man.

The key characteristics of the Domestic Corporate Pension:

• There is no mandatory requirement for the pension managers to purchase an annuity.
• The fund can become part of the deceased member's estate.
• There is no upper limit to the size of the pension.
• There is considerable flexibility as to eligible assets/investments (in accordance with the Statement of Investment Principles).
• The entire fund will benefit from the gross roll up of assets.
• Benefits may be taken at any age between 50 and 75.
• A double taxation agreement exists between UK and the Isle of Man thereby permitting retirement to be taken in the UK if so desired

In order for a person to be able to obtain a Domestic Corporate Pension offered by Simcocks Pensions they would need to be:

• An Isle of Man resident.
• A holder of an Isle of Man work permit.
• Employed by an Isle of Man resident Company.
• A member of a scheme approved by the Isle of Man Income Tax Assessor.

• DCP product summary