Isle of Man Pension Freedoms - the story so far...
The introduction of Pension Freedoms - with the launch of the Pension Freedom Scheme ('PFS') - in April 2018 has transformed the retirement savings landscape in the Isle of Man.
With full flexibility to access pension benefits from age 55 without limits, and no requirement to buy an annuity (or 'fixed income for life'), the power to control how and when to take money from pensions has shifted drastically from insurance companies and pension providers directly to policy holders.
However, with these new rights comes the responsibility for each of us to ensure that sufficient contributions are made to pensions over our working lives and that the funds are withdrawn in a sustainable manner in retirement.
In this 1 hour CPD session, John Batty & Mark Doyle from Boal & Co (Pensions) Limited, will outline the main changes to pensions legislation from 2018, the options available to those with '1989'-style pensions (the 'old' regime) and how individuals can structure their pension arrangements to take advantage of the new flexibility.
By the end of this session, attendees will:
- Understand the new PFS regulations
- Understand the differences between '1989 Act' pensions and PFS pensions, and how the choice affects clients
- Understand the cost of contributing to a '1989 Act' pension as opposed to the new PFS scheme
- Look at and discuss the 'non-pension' uses of a PFS pension
This event is free for members of the CII / PFS and £10 for all non-members.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.