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Retirement planning and personal pension planning in the Isle of Man. The Isle of Man has long been a destination for offshore pension schemes, offering tax advantages and a range of investment opportunities. A recurring theme often is the questionable quality of financial advice. Historically, some advisers have recommended offshore products like the Isle of Man QROPS (Qualifying Recognized Overseas Pension Schemes) not because they suit clients, but because of the high commissions these products generate. The result? Poor performance, high costs, and limited flexibility when circumstances change.

In June 2024, the Isle of Man regulator introduced new guidance that significantly impacts pension transfers. The regulation restricts transfers out of Isle of Man-based QROPS to jurisdictions where the client does not reside. These changes aim to align pension locations with the client’s residency but have left many pension holders feeling stranded with limited options. The key to success lies in understanding your unique needs, the legal, and tax implications of your chosen jurisdiction, and the long-term impact of your financial decisions. With the right advice, you can avoid costly mistakes and build a secure future.

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http://www.cjfinance.co.uk//yt-top-12-11-24-isle-of-man-qrops

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Reference:
https://www.gov.uk/government/publications/rates-and-allowances-pension-schemes/pension-schemes-rates

Key Points of the Video:
Recent Regulatory Changes in the Isle of Man (June 2024):
— New guidance restricts pension transfers to jurisdictions where the client does not reside.
— Transfers now require "good reason" and face regulatory scrutiny, causing delays.

Challenges with Isle of Man Pensions:
— Trust-based structures are incompatible with certain jurisdictions like France, leading to legal and tax inefficiencies.
— High fees, poor performance, and exit penalties are common concerns.

Misguided Financial Advice:
— Historically, many QROPS transfers were commission-driven, favouring offshore products that often didn't benefit clients.
— Offshore bonds bundled with QROPS frequently include hidden costs and penalties.

Isle of Man Offshore Bonds: A Double-Edged Sword:
— While offering flexibility, they often carry high fees and lack FCA oversight.
— Zero-commission structures and full transparency are essential to protect client interests.

Navigating Retirement Planning in The Isle of Man:
— Clients must provide strong justifications to transfer pensions out of the Isle of Man.
— Contract-based setups in jurisdictions like Malta are often recommended for EU residents.
— Offshore pensions can be beneficial but require careful consideration of costs, risks, and long-term implications.
— Expert financial advice helps clients avoid mistakes and secure better outcomes.

Video Timestamps:
00:00 Introduction: Isle of Man Offshore Bond: QROPS, Commissions, & Exit Penalties
00:30 Client Case: UK Pension Transferred to the Isle of Man
04:40 The Isle of Man New Regulation (June 2024)
09:35 Historical Concerns About QROPS Advice In the Isle of Man
16:10 Offshore Bonds & High Commission In The Isle of Man
21:39 Outro & Summary

Disclaimer 🚨
All Defined Benefit Pension Transfer Enquiries Completed By Trusted Independent 3rd Party FCA Regulated Pension Transfer Specialist 🔒

The Information on this channel is provided for education and informational purposes only. The information contained in or provided from or through this channel is not intended to be and does not constitute financial advice, investment advice, tax advice, or any other advice. You Should not make any decision, financial, investments, tax, legal, or otherwise, based on any of the information presented on this channel without undertaking independent Due Diligence and Consultation with a Professional IFA or Financial advisery.

Learn More About “Cameron James - UK & Expat Financial Planning”
https://www.cjfinance.co.uk/

Contact Us For Further Details 🇬🇧
http://www.cjfinance.co.uk/yt-bottom-12-11-24-isle-of-man-qrops

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While testing Eddie 'The Beast' Hall's Union Jack liveried P.50 on the Isle of Man for the 60th anniversary of the Peel P50. We couldn't pass up visiting the incredible Isle of Man Motor Museum.

Invited by Darren Cunningham, we explored the museum's impressive collection including the Peel Engineering display, where one of our P.50 kits takes pride of place with a spectacular 3D exploded-view exhibit that brilliantly showcases the craftsmanship of these iconic microcars.
Hats off to Darren and the museum team for creating such a masterpiece!

After some fun test drives, we stopped for a quick electricity top-up to keep the adventure rolling. Celebrate the 60th anniversary of the Peel P.50 with us in this fun-filled journey of cars, history, and laughs. Don't forget to like, comment, and subscribe for more microcar adventures! 🚗💪🇬🇧

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Snow #and# Hailstone ##### Snaefell ## Mountian##

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Match highlights of the NWCFL Premier Division clash between FC Isle of Man and Burscough at The Bowl in Douglas


The in-form 'Ravens' were targeting a sixth straight victory against a Burscough side without a win in seven


Match commentary from Rob Pritchard and Tony Mepham

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A charity on the Isle of Man is giving people confidence and a sense of independence through its shopmobility scheme.


Circa Isle of Man, located on level 2 of Chester Street car park, lends out powered mobility equipment to people with mobility issues so they can go out and enjoy the high street.


Chanelle Sukhoo spoke to Heather Williams from the charity

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Ninja H2 Moto Tourist Bogey Biker Highlights -Ride4 Isle Of Man Drive Motorcycle Race Crashes #crash #motorcycle #shorts #trendingshorts

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