Passport to the Future – Isle of Man Pensions

Over 100 countries globally have some form of state pension. Yet, few are strong enough to avoid the need for additional, private savings. And the goal today is to retire as early as possible. Therefore, savings into a personal or corporate pension plan are more important than ever.

On the back of record inflation, disposable cash for future savings has been hard to come by. Governments’ financial affairs are becoming more turbulent and state retirement benefits will often fail to match the rising cost of living.

For a moment let’s look at risks for not having a long-term plan for your wealth. You will work later in life and receive a lower retirement income. You also restrict the wealth you can pass onto your family.

With this at forefront of our minds, pensions and savings become a focus point. Whether you are a business looking for a central pension hub, or an individual seeking a tax neutral savings domain. The Isle of Man offers a range of global solutions.

When placing your wealth in pension and savings plans there are provisions which you will find in a well-regulated jurisdiction. We call these ‘passport requirements’.

The Isle of Man has been at the forefront of passport requirements for decades. With high governance standards, robust regulation and a proven track record.

On top of these passport requirements, here's what Isle of Man International Pension Plans (IPPs) can offer:

1. Flexibility

IPPs are flexible. Benefits are paid as required rather than regularly.

2. Tax efficiency

IPPs are a tax-efficient way to provide retirement benefits to employees. There are also tax benefits for people looking to save.

3. Retention security

IPPs can improve employee retention.

4. Investment opportunities

Offshore IPPs offer opportunities for investment. Including many that may not be available in your home country.

5. Mobile Workforce and Individuals

IPPs can solve the issues of providing retirement benefits to mobile employees.

International Pension Plans can provide a wealth of benefits. With many plans already in place, your passport to early retirement is in the Isle of Man.

Author - Martin Hall, ATLA Group