Equilibrium Pensions

Domestic Pensions

Where an individual has a personal or occupational pension scheme in the United Kingdom and intends to emigrate from the UK to the Isle of Man. We create set-up and administer local schemes for Isle of Man based businesses and individuals.

The key characteristics EPL's Domestic Pensions, 1989 schemes are:

  • Be a Trustee of your own scheme
  • Ability to transfer existing UK pensions which may have been accrued over the years into One scheme, over which Member has control
  • Be Trustee of own bespoke Scheme
  • Scheme assets may be passed on to heirs and Successors, less 0% or 7.5% tax circumstances dependent
  • Tax relief given on contributions – permits a degree of flexibility over quantum of tax payable at tax year end. Maximum £50,000 annual contribution allowance (or 100% of NRE)
  • Tax free lump sum of 30%, with deferral of pension payment
  • Member may take pension and continue to work
  • Good value to set-up and administer
  • Transparent charging structure
  • Assets grow free of tax
  • Specie transfers permitted
  • "Open Architecture" investment options; e.g. Property, Financial Investments. Freedom of investment choice by the Member (unlike insured alternatives)
  • Residential property (subject to limit of 50% of fund) as permitted investment
  • No compulsory Annuity purchase required
  • Allow concurrency (more than one pension allowed)

EPL AGILITY 61H

The Isle of Man has produced a "pension freedom" arrangement - Equilibrium Pensions is pleased to provide the "Agility 61H" pension encompassing the new Isle of Man Pension "Freedoms" under Section 61H of 1970 Income Tax Act.

Flexible access on drawdown post age 5540% tax free lump sum. May be suitable for those Isle of Man residents who are currently making contributions out of Isle of Man tax relieved funds.

However, the Agility 61H is unlikely to satisfy HMRC to register as a QROPS, and any Isle of Man pension transfer is subject to a 10% income tax charge making such transfers far less attractive to savers with existing schemes.

  • Scheme assets may be passed on to heirs and Successors, with Zero tax on transfer
  • Post Age 55 complete freedom in withdrawals (subject to marginal rates of tax)
  • Tax relief given on contributions. Maximum £50,000 annual contribution allowance
  • Tax free lump sum of 40%, with deferral of pension payment
  • Member may take pension and continue to work
  • Good value to set-up and administer
  • Transparent charging structure
  • Assets grow free of tax
  • Specie transfers permitted
  • Related Party Transactions permitted
  • "Open Architecture" investment options. Freedom of investment choice by the Member (unlike insured alternatives)
  • No compulsory Annuity purchase required
  • Allow concurrency (more than one pension allowed)
  • Existing schemes may be transferred less 10% tax to Treasury
  • Not HMRC QROPS

The SIPPSOnline pension product was launched by Equilibrium Pensions following the acquisition of SIPPSOnline by Equilibrium Pensions in the summer of 2017.

The SIPPSOnline pension is designed to be a low cost simple offering that appeals to those with small savings and lower costs.

SIPPSOnline is approved under the 1989 Income Tax Act and the main characteristics are:

  • Ability to transfer existing UK pensions which may have been accrued over the years into One scheme, over which Member has control
  • Scheme assets may be passed on to heirs and Successors, less 0% or 7.5% tax circumstances dependent
  • Tax relief given on contributions - permits a degree of flexibility over quantum of tax payable at tax year end. Maximum £50,000 annual contribution allowance (or 100% of NRE)
  • Tax free lump sum of 30%, with deferral of pension payment
  • Member may take pension and continue to work
  • Good value to set-up and administer
  • Value offering for smaller schemes
  • Transparent charging structure
  • Assets grow free of tax
  • Specie transfers permitted
  • No compulsory Annuity purchase required
  • Allow concurrency (more than one pension allowed)