Prophecy SIPP

Introduction

A Self Invested Personal Pension (SIPP) is a Retirement Benefit Trust arrangement which offers greater control and flexibility than ordinary or occupational pension arrangements. It provides all the tax savings associated with a traditional pension plan, allows the Member to invest in a wide range of investment products and has estate planning benefits.

The Components of the SIPP

The SIPP is a Trust arrangement governed by the Trust Deed detailing the rules of the pension arrangement and the various responsibilities.  The SIPP is operated by Prophecy Pension Trustees who administers the arrangement on behalf of the Pension Holder, known as the Member. The Member will introduce cash or transfer existing Pension Benefits to the SIPP known as the pension fund. Under the Trust Deed an Investment Platform is used, using a Life Company to carry out the investment requests of the Member and manage the trust assets. An underlying Investment Manager is appointed to manage and review the performance of the Trust Assets.

The Isle of Man is one of the foremost offshore financial centres in the world. It enjoys a reputation as an excellent jurisdiction for establishing financial structures. At the end of 2007 total funds under administration exceeded USD$ 60 billion a sure sign of confidence from its international clients.

The Prophecy SIPP scheme has been designed to enable non-UK resident individuals or individuals who are about to leave who have accrued pension benefits in the UK, to transfer these out to the Prophecy Scheme.

The Isle of Man Scheme Benefits encompass:-

• There is no formal requirement to purchase an Insurance Annuity

• Flexibility as to when benefits can be taken from the scheme

• Greater tax efficiency on drawdown

• Open to all nationalities

• Transparent charging structure with no hidden penalties or exit fees

• The ability to take transfers from UK approved pension schemes

• Security of funds held through Life Assurance product

• A bespoke solution with your own investment strategy

Prophecy Product Range PDF attachment