Cleared to Land ®
World-class Investment Management
World-renowned Pension Trustee
Fiduciary Custody of Assets
Your own account directly with provider
Detailed Quarterly Analysis and Statements
Online and Phone Support
Ease of Investing
US Dollar Denominated Portfolio
Approved by the Insurance and Pensions Authority of the Isle of Man
Not available to US Person
Frequently Asked Questions
What is the background to the Aviation Professionals Pension Plan?The Aviation Professionals Pension Plan is an International Corporate Pension (“ICP”) approved by the Assessor of Income Tax under Section 50B of the 1970 Income Tax Act (Isle of Man). The purpose of the Scheme is to provide retirement benefits in accordance with the Retirement Benefit Scheme Act 2000 and the Retirement Benefits Schemes (International Schemes) Regulations 2001 and also in accordance with the rules as set out in the Rules Booklet for Members of a trade association known as Baymac.
What are the requirements for joining the ICP?There are no restrictions on whom Baymac can admit to membership of the Aviation Professionals Pension Plan other than that the members must not ordinarily reside in the Isle of Man nor can the members be United States citizens.
Why is the Isle of Man a desirable location for the administration and management of client assets?No other jurisdiction currently offers such a product worldwide. It is the only offshore centre with such a formal statutory framework, and the only offshore centre having met and exceeded “OECD standards” for pensions.
The Isle of Man has over 1000 years of its own stable government, the oldest continuous sitting parliament in the world, no public debt and zero unemployment. It has its own dedicated regulatory authority – the Isle of Man Financial Services Authority, and a highly respected, secure and well-regulated financial services sector.
This combination of factors has culminated in it being awarded an “AA” rating by Moody’s and Standard & Poor’s.
How is my pension safeguarded?The Scheme is held in Trust- that is to say, the assets are “owned” by the Trustees on behalf of the Members and are thus ring-fenced from any financial repercussions arising with any of the entities involved i.e.: EPL and Baymac.
Can I transfer an existing pension into an ICP?Existing pensions may be transferred into the Plan subject to any restrictions or requirements of the existing pension scheme and the tax authorities where the scheme is regulated transfers of existing pension schemes to an ICP can be achieved.
Am I restricted as to the choice of retirement location?One of the benefits of the Plan is that the member can decide where he is to retire without prejudicing his final retirement location, by his choice of pension.
Are there tax implications?In the Isle of Man the scheme benefits from the gross roll up of assets (provided capital appreciation is achieved). Members would be expected to declare any income arising from pension withdrawals to their relevant tax authorities.
What other benefits are there in organizations or individuals joining the Aviation Professionals Pension Plan?There are administrative cost savings in terms of time, money and efficiency in holding offshore pensions for individuals in the one place, and by one well regarded and independent provider and administrator.
There is no need for pension plans to follow the member as he pursues his career in differing overseas localities for the same employer.
The Plan allows organizations the benefit of third-party impartial oversight and stable long-term independent management which are more of a requirement now than ever before.
What happens to my pension upon my death?The flexibility of the Plan is such that a member can elect who should benefit from his/her share of the pension fund upon death..
At what age may I retire?Any time from age 50 onwards.
Are there limits to the contributions that can be made into the fund?There is a USD 500 minimum monthly contribution. There are no upper limits to the contributions which may be made by either the Employer or the Employee. Lump sum payments may also be made.
Is there a limit to the size of my pension fund?There are no limits as to final pension pot.