INTERNATIONAL CLIENTS

INTERNATIONAL PENSIONS PLANS (IPP)

The Retirement Benefits Schemes (International Schemes) Regulations 2001 are designed to provide security to scheme members while also providing maximum flexibility. Due to this positive regulatory framework, international pension schemes (occupational and personal) established in or managed from the Isle of Man can offer significant benefits.  International pension schemes will benefit multi-national employers who want to rationalise their pension arrangements under one scheme and internationally mobile workers.

Atla can help clients gain the advantages of a well-regulated and politically stable jurisdiction like the Isle of Man has to offer. We are happy to meet with potential clients and professional advisers without cost or obligation.

WORLDWIDE

Atla’s pension solutions are regulated by the Isle of Man Financial Services Authority and have tax approval from the Isle of Man Income Tax Division.

International pensions can be utilised in several scenarios:

  • International Company with mobile employees
  • Centralise Human Resource function
  • Individuals who wish to establish a flexible pension in a well-regulated environment

Key benefits available include:

  • Unlimited contributions
  • No Isle of Man taxation
  • Tax-free growth
  • Wide investments permitted
  • Flexibility on drawdown
  • Estate and succession planning

QNUPS

Atla’s Qualifying Non-UK Pension Schemes (QNUPS) are Isle of Man Approved Pension Schemes (under Section 50c of the Income Tax Act 1970), which are designed to meet the conditions required by HM Revenue & Customs (HMRC), to provide retirement benefits which are exempt from UK Inheritance Tax, enabling clients to pass on any residual funds to beneficiaries in a tax-efficient manner.

A client may wish to utilise a QNUPS for several reasons:

  • A QNUPS offers an alternative means of funding for retirement for those who are close to exceeding the UK Lifetime Allowance (LTA) for tax-relieved savings;
  • Given that a QNUPS falls outside of scope for UK Inheritance Tax, they are an attractive vehicle for pension savings for a UK Domiciled individual or anyone with UK property which they wish to invest in a pension scheme;
  • As there is currently a £40,000 limit on tax relieved pension contributions in the UK, with lower limits applying to anyone earning more than £150,000 per annum, a QNUPS offers clients the ability to increase their pension provision.

Contributions to a QNUPS WILL NOT qualify for UK Tax Relief; however, they are not subject to any cap on contributions. In addition, investments in a QNUPS can grow free of tax. Benefits may be taken at age 55.

A QNUPS can offer a range of planning advantages with correct planning, which includes a tax-free pension commencement lump sum and flexible income options. Under Isle of Man legislation, income is paid gross, without the Isle of Man tax deduction.

Our trusteeship and administration fees are based on the time involved rather than a percentage of the assets held and are a transparent structure that can produce substantial cost savings for clients with higher value QNUPS.

IOM CORPORATE PENSIONS PLANS (IPP)

Atla offers a range of corporate pension solutions to allow Isle of Man employers to structure retirement benefit solutions to meet the needs of its workforce.

INSIGHTS

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