Anglo Irish launches Isle of Man schemes
ISLE OF MAN – Anglo Irish Bank’s Isle of Man pension arm says it has launched “tax neutral” plans for international executives and multinational firms.
The group's Anglo Irish Pensions said it has launched international corporate and personal pension plans “designed for international executives and companies with multinational operations and workforces”.
The schemes have “minimal restrictions” on the contributions that may be made and on the level of benefits or age at which they can be taken.
There is no vesting period and no requirement to purchase an annuity. Members also do not have to invest in bank funds. Scheme assets are held under trust, outside the legal jurisdiction and control of the employing company.
The funds do not attract Isle of Man taxation, it added. “Plan members are only liable for those charges applied in the jurisdiction they choose for retirement.”
The bank saw advantages for “international companies whose workforces are in several jurisdictions and who wish to take advantage of the economies of scale and ability to have one pension scheme in one jurisdiction”.
“This leads to administrative cost savings in holding offshore pensions from many jurisdictions in one place, and for long periods by one well regarded and independent provider and administrator.”