Isle Of Man Occupational Pension Schemes

The Isle of Man specialises in all aspects of pension planning, from large multinationals to individual clients. All pension scheme administrators are regulated by the Isle of Man Financial Services Authority (FSA) and are subject to a rigorous approval process and on-going regulatory audit.

The Island’s pension regulations are robust but highly flexible, allowing corporate clients the freedom to tailor retirement solutions to the diverse demands of their operations. For senior employees where traditional pensions scheme do not meet their requirements, a company may wish to provide a bespoke pension or long-term reward arrangement.

A simple tax environment enables pension scheme members to maximise their savings and benefits. Investment income is exempt from tax if the scheme is an exempt approved scheme under applicable domestic scheme tax approval regimes and exempt from income tax if approved under applicable international scheme tax approval regimes. There is no capital gains tax applicable to investments in the Isle of Man.

There is presently no equivalent in the Isle of Man to the UK’s auto-enrolment regime (this is currently the subject of a government consultation) but the provision of occupational pension schemes is common along with group personal pension plans. Membership of the occupational schemes is therefore voluntary with no specific rules regarding mandatory or minimum member contributions.

Occupational plans are generally established under irrevocable trust and are mainly defined contribution arrangements.

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