IOM Pension (SIPP/Corporate)

The IOM Scheme is a personal pension scheme for Isle of Man residents with a clear and transparent charging scheme and offers two plans for members to contribute too (“Plans”), allowing them to meet their retirement needs.

Funding the Scheme
The IOM Scheme is funded by the Member or on behalf of the Member via employer contributions.  Tax relieved total contributions to any Isle of Man scheme is limited to £50,000 per annum and any

excess contributions may be liable to penalties. The IOM Scheme can also be funded via transfers, either from existing appropriately tax-approved Isle of Man pension arrangements or other non-Isle of Man arrangements depending on which of the Scheme’s Plans you have opted for.

Retirement benefits
The benefits you can take when you retire will be determined by the Plan of which you are a member:

• For the 1989 Plan, you will be entitled to a lump sum of 30% and a pension, either in the form of income drawdown or an annuity, the amounts of which will depend on the value of benefits that have built up in the Scheme.
• For the s61 Plan you will be entitled to a lump sum of 40% of the value of the Scheme plus withdrawal of funds in any frequency or amount that you wish, or an annuity if you prefer.

If the Trustee has accepted a transfer into the Scheme in respect of tax-relieved rights you have accrued in another jurisdiction, the value of your lump sum in respect of that transfer may be restricted by the laws of that jurisdiction.