About MAC Financial Pension Trustees

MAC Financial is the Isle of Man's largest Corporate IFA/Employee Benefits Consultant. It dominates around 75% of the Isle of Man Insured pensions market. Formed in 2004 following an MBO from Aon, MAC went on to acquire the Manx IFA operations of Marsh Financial Services and Anglo Irish Bank.

The product & opportunity

The MAC Self Invested Personal Pension ('SIPP') is an Isle of Man pension scheme capable of receiving transfers from UK based pension arrangements. It is established as a "master" scheme so all new policies are issued under the existing tax and regulatory approval without the requirement for long delays while individual approval is achieved. This means HMRC Qualifying Recognised Overseas Pension Scheme ('QROPS') approval is already in place for all transfers into the scheme.

The MAC SIPP has no requirement for Isle of Man residency if it is for transfer only pension business. It is not intended for current UK residents but ideally placed for non-UK residents who still have UK based pension funds or individuals considering leaving the UK.

Compared to the UK pension position the MAC SIPP offers considerable financial benefits.

The MAC SIPP is a unique proposition in that it radically overhauls the approach normally taken to the establishment of SIPPs in general. By only allowing investment funds within its structure, it simplifies cost and ease of establishment.

Using our investment platform, the IFA can select funds across a very broad range (over 3,000). The MAC SIPP is a low cost product and as such the charges reflect this. The standard entry level is £75,000 and there are no upfront fees. The client receives 100% allocation. There is a 1.6%pa annual management charge. Alternatively, the SIPP can be "unbundled" and MAC can provide the Pension Trustee wrapper and service at very competitive rates with the IFA managing the Investment strategy. Please contact MAC Financial to discuss this.

Greater information is available from the MAC Financial SIPP documentation and this paper is designed to be a summary only.

This paper is not a recommendation to invest, nor should it be taken as any form of financial advice. Neither MAC Financial Pension Trustees Ltd nor MAC Financial Ltd will take any responsibility for advice given regarding the suitability of this product or any tax advice, be this in relation to HMRC regulations or tax rules applying to countries where the pension holder resides or is deemed to reside. Where an intermediary recommends the use of the MAC Financial SIPP, they do so based on said intermediary's professional knowledge and understanding and their advice is not the responsibility of MAC Financial.

Factual

The "MAC" SIPP (Self Invested Personal Pension) is approved by the Isle of Man Assessor of Income Tax under Part 1 Income Tax Act 1989.

The "MAC" SIPP is an authorised scheme under Section 3 of the Isle of Man Retirement Benefits Schemes Act 2000.

MAC Financial Pension Trustees Ltd is a Registered Schemes Administrator under Section 45 of the Retirement Benefits Schemes Act 2000.

The "MAC" SIPP is approved as a Qualifying Recognised Overseas Pension Scheme ("QROPS") by HMRC, reference number 500873.

For more information please contact us.