5 Key Things Isle of Man residents should do with Pensions right now:
1. TOP UP YOUR UK NATIONAL INSURANCE CONTRIBUTIONS – if you are eligible, you could possibly get 2 state pensions, one from the Isle of Man and one from the UK. You must act NOW on this – time is running out with the opportunity to possibly add up to 19 years closing on the 5th April.
2. TRANSFER ANY UK PENSIONS TO THE ISLE OF MAN – under the last UK budget these will become subject to UK Inheritance Tax, even if you don’t live in the UK.
3. COMPANY AND BUSINESS OWNERS – if you are an owner / manager of your own company talk to us about using pensions to maximise your tax efficient withdrawal of profits and / or reserves.
4. TOP UP YOUR PENSION – do this before the tax year end on 5th April – you can get tax relief on this contribution and receive a tax free lump sum when you retire. If you want to do this, please note that our cut off date for doing so is 10th March, to allow us time to get the forms to you and back and processed with your pension trustee.
5. CONSOLIDATE YOUR PENSIONS INTO A SINGLE PENSION – this eases your administration burden, keeps all of your pensions in one place and have them benefit from being actively managed in an appropriate risk graded investment portfolio.
For more information and / or advice please contact Blythe Financial on 619180 or service@blythefinancial.com