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BC SIPP: For consolidation of your pensions.
A flexible Isle of Man pension designed around you.
BC SIPP is a Self-Invested Personal Pension (SIPP) for Isle of Man residents who want greater control over their retirement savings. Its dual-approved structure allows members to save under the Isle of Man Pension Freedom Schemes (PFS) regime, transfer existing Isle of Man pensions, and, where appropriate, consolidate UK pension arrangements into a single Isle of Man pension plan under the 1989 regime. BC SIPP combines flexible retirement options with broad investment choice and tax-efficient pension saving.
For consolidating your pensions into one secure place.
For individuals with existing Isle of Man or UK pension arrangements, the 1989 section of BC SIPP provides a flexible solution for consolidating retirement savings into a single pension arrangement. As a Qualifying Recognised Overseas Pension Scheme (QROPS), it can accept transfers from both Isle of Man and UK registered pension schemes, while offering a wide range of investment and retirement income options. The 1989 section of BC SIPP offers the same broad investment flexibility and tax-efficient growth opportunities as the PFS section, alongside the following features:
• Up to 30% of the fund value may be taken as a tax-free pension commencement lump sum
• Flexible access to benefits from age 50
• Capped drawdown arrangements designed to provide a sustainable retirement income, subject to prescribed annual limits and minimum withdrawals from age 75
• Wide investment choice including collective investment funds, equities, bonds and commercial property through leading investment platforms
• Succession planning flexibility, with lump sum death benefits generally payable free of Isle of Man tax before benefits are taken. (A 7.5% Isle of Man tax charge may apply to certain lump sum death benefits where death occurs after benefits have commenced)
Please note that additional conditions, restrictions and tax considerations may apply to pension benefits transferred from UK registered pension schemes.
Everything you need to build and manage your pension.
For Isle of Man residents saving towards retirement, contributions can be made to the PFS section of BC SIPP, offering:
• Flexible retirement income options, including regular or ad-hoc withdrawals from age 55
• Up to 40% tax-free pension commencement lump sum
• Wide investment choice including collective investment funds, equities and bonds through leading investment platforms
• Annual contributions of up to £50,000 may qualify for tax relief, with gross investment growth
• Succession planning flexibility with options for beneficiaries to receive benefits on death, subject to scheme rules
One pension solution, built for flexibility and consolidation.
BC SIPP is designed for Isle of Man residents who want a straightforward way to manage their retirement savings in one place. Whether you're making new contributions, transferring existing Isle of Man pension plans or consolidating UK pension benefits, the scheme offers flexibility, investment freedom and efficient long-term pension planning. With access to a wide range of investments and retirement income options, BC SIPP gives members greater control over how their pension works both before and after retirement.
Frequently asked questions.
A Self-Invested Personal Pension (SIPP) is a personal pension that gives you greater control over how your retirement savings are invested. Unlike many traditional pension plans, where investment choices are limited to a range selected by the provider, a SIPP allows you to choose from a wider range of investments, helping you tailor your pension to your individual goals and risk appetite.
Balley Chashtal SIPP (BC SIPP) is a domestic Isle of Man pension scheme designed for Isle of Man resident individuals who wish to make contributions to save for retirement or consolidate existing pension arrangements.
BC SIPP is a dual tax approved personal pension scheme established under trust in the Isle of Man and regulated by the Isle of Man Financial Services Authority (IOMFSA). Boal & Co (Pensions) Limited is the Trustee and Professional Retirement Benefits Schemes Administrator of BC SIPP.
Transfers into BC SIPP (1989) can be made from most Isle of Man and UK tax approved pension schemes (in addition to some other jurisdictions). Having the option to transfer a UK or Isle of Man pension scheme does not necessarily constitute it being advisable to do so. Independent financial advice should be taken by any individual in connection with any pension transfer. Transfers into BC SIPP (PFS) can be made from most Isle of Man approved pension schemes. However, a tax charge of 10% is payable on transfer from any non-PFS scheme.
Other than transfers from existing pension schemes, contributions can be either personal contributions by you and/or company contributions made by your employer
You can contribute up to 100% of your Isle of Man Relevant Earnings and benefit from tax relief at your highest marginal rate, subject to a maximum total contribution of £50,000, across all your pensions, per annum. If you do not have any earnings you can still contribute up to £3,600 per annum.
If you are eligible, you will still receive a state pension. Any benefits accrued under BC SIPP are separate to those provided by the Isle of Man Government.
If you have a surviving spouse or dependant, your BC SIPP 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.
Talk to us about a BC SIPP
Think a BC SIPP might be right for you? Speak to one of our team to get started.
Technical Sales Manager