Sovereign has developed the Pacifica Personal Pension Plan, a multi-member QNUPS that is authorised in the Isle of Man and satisfies the necessary conditions to be regarded as a QNUPS for UK purposes. The Isle of Man specialises in all aspects of international pension planning. All pension funds on the Isle of Man grow free of any Isle of Man tax. The Island also has a growing network of double tax agreements that can enable scheme members to take pension benefits from an Isle of Man QNUPS in a tax efficient manner.

Isle of Man QNUPS – Key Information

Isle of Man QNUPS – Key Information

Investment Options Open architecture
Benefit commencement55 to 75 years of age
Maximum Lump Sum 30%
IOM tax rate applicable to pension* 20%
Death Benefits Lump sum or survivor’s pension

If a member has commenced income drawdown prior to death, this will result in a 7.5% death tax charge being applied prior to any benefits being paid out to dependents.

* Isle of Man tax will not apply where the pension taxing rights are granted to the member’s country of residence under the terms of a double taxation agreement.

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