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Rewards - a group personal pension.
A quality employee pension, made simple.
Rewards is our group personal pension, designed specifically for Isle of Man companies wanting to provide pension benefits for their employees. It's a straightforward, well-governed way to offer a valuable benefit - and to help attract and keep good people.
A group personal pension is a collection of individual plans held under a Master Trust: each employee gets their own plan, which both you and they can contribute to. Rewards is approved by the Isle of Man Assessor of Income Tax and authorised by the Financial Services Authority.
Everything the scheme needs, in one place.
- Full scheme administration by our in-house team
- Trusteeship and governance built in
- Access to a range of investment options including lifestyling strategies designed to adjust risk as you approach retirement
- Interactive online access for your staff and advisers
- The option for employees to consolidate existing pensions into one plan
- A dedicated service from our Douglas headquarters
Two regimes, one scheme, no fuss.
Rewards has two sections within one plan, 1989 and PFS, which enables members to consolidate existing pension plans from Isle of Man and UK providers into one streamlined, cost-efficient solution. The scheme remains in the member’s name, making it simple to keep pension savings together whether they move jobs, start a business, or become self-employed.
Frequently asked questions.
A group personal pension (GPP) is a pension arranged by an employer, but made up of individual personal pension plans - one for each employee. Although you set it up for your team, each employee owns their own plan, which both you and they can pay into. Because the plans are personal, employees keep them even if they change jobs, and they're treated as personal pensions for tax purposes.
Rewards is a group personal pension established under trust in the Isle of Man which offers tax efficient accumulation, investment choice and the option to consolidate existing plans (including UK) into a single cost-effective solution to save for retirement.
Contributions are made monthly to the scheme via the employer in accordance with the employee's contract of employment. Members can contribute up to 100% of their Isle of Man Relevant Earnings and benefit from tax relief at the highest marginal rate, subject to a maximum contribution of £50,000 across all their pensions per annum.
Transfers into Rewards can be made from most forms of UK and Isle of Man tax approved pension schemes. Having the option to transfer a UK or Isle of Man pension does not necessarily mean it is advisable to do so. Independent financial advice should be taken in connection with any pension transfer.
Rewards is a Defined Contribution pension scheme, which means that the amount of benefits received by the member, in the form of retirement lump sum and pension, are entirely dependent on the amount of money paid into their Rewards fund (less charges) and the investment performance (which may be positive or negative). There are no guaranteed retirement benefits of any form. The rules for when and how members can access their retirement benefits will differ depending on the section of Rewards that their money is in. Download the brochure or contact us to learn more.
If you are eligible to receive a state pension, you will still receive one. Any benefits accrued under Rewards are separate to those provided by the Isle of Man Government.
If you have a surviving spouse or dependant, your Rewards fund can be used to provide a continuing pension for them. Alternatively, the residual fund can be paid as a lump sum to your beneficiaries. You can indicate your preference in the Expression of Wishes section of the application form and this can be updated at any time by way of a separate form, post application.
Let's find the right fit.
Every business is different. Tell us about yours, and we'll help you work out whether Rewards is the right fit for your team.
Technical Sales Manager