Pension Scheme Transfer Service

To enable an individual to move his benefits in an approved United Kingdom Pension Scheme to an approved Isle of Man Pension Scheme and avail of the main benefit of not having to purchase an Annuity on retirement, the following procedures have to be followed.

• The individual must become a non taxable resident of the United Kingdom.

• The individual must become a taxable resident of the Isle of Man, which is achieved by leasing or purchasing a residential property. There is no requirement on the member to prove residence for a minimum number of days in the year.

• The member must be employed by an Isle of Man Resident Company.

• Having reached this stage, the employment company sets up a Small Self-Administered Scheme and approval for the scheme is sought from the Assessor of Income Tax.