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International Pension Schemes
A new regulatory regime for international pension schemes established in, or managed from, the Isle of Man was introduced by the
Isle of Man Insurance and Pensions Authority (IPA) on 1 January 2002.
The introduction of
The Retirement Benefits Schemes (International Schemes) Regulations 2001 now puts the Isle of Man ahead of most competitor jurisdictions in terms of the regulation of international pension schemes. The IPA is very keen to attract international pension schemes to the Island and is extremely pro-active in assisting the industry in meeting the needs of individual employers.
The Isle of Man has designed its International Pensions regulations to provide security to scheme members whilst providing the maximum flexibility in terms of funding, investment and benefits. Due to their tax efficient and flexible nature, international pension schemes are designed to appeal to:
- Multi-national employers with expatriate employees who wish to rationalise their pension arrangements within one jurisdiction and one regulatory regime. Employers are normally looking to establish pension schemes in a well-regulated, politically stable jurisdiction that allows tax-free growth and provides flexibility to allow the payment of retirement benefits in the form of tax-free lump sums. The Isle of Man can fully satisfy all of these requirements. The tax treatment of benefits paid to members in their home countries will, of course, vary and the aim of such schemes is normally to be tax beneficial or tax neutral for the majority.
- Internationally mobile workers who may wish to establish international personal pension schemes in the Isle of Man for the same reasons of regulation, stability and flexibility.
- Foreign domiciled employees working in the UK for overseas employers.
Our highly experienced team can assist in pension scheme design, establishment, administration and trusteeship for clients in any of the above scenarios.
Fedelta Pensions Limited is Registered with the Isle of Man Insurance and Pensions Authority as a professional Retirement Benefits Schemes Administrator.