SIPPs and their overseas equivalents

  • griffiti
  • 24/10/08 31/05/09
  • unspecified
  • Offline
Posted: Fri, 24/10/2008 - 05:23

IN relation to strategies, does anyone know if the situation of individuals who opened a Pension Fund Account (either with Derbyshire of KSFIoM) for their privately managed pension is being considered and highlighted in our representations? These are personal funds quarantined for pension purposes and for legal and compliance reasons operated under the trusteeship of a Company (where the Trustees are usually the individuals who contribute to and receive the pension). They seem to be getting put (by IoM Govt and FSC) into the 'business" basket (presumably because of the presence of a Company) rather than being included as another form of personal deposit which the Compensation Scheme would cover.

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Pension Fund Investments

  • sgebbett
  • 20/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 09:06

Graffiti....it is the case that accounts in the name of a Pension Trustee, even though they contain individuals pension savings, are NOT covered by the IOM £50k compensdation scheme.. and possibly only a share of the £2Ok scheme (depending on how cmany clients your Pension Trustess had invested in KSF IOM)


SIPPS and their equivalent

  • sgebbett
  • 20/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 07:00

I have just done an interview on Manx Radio (7.30am) talking about just this-the way pension savings are NOT seen as individual deposits-even though they obviously are- and will only get A SHARE of £20k compensation, rather than the £50k . I hope Manx politicians will have heard it, beacause I indicated that pension trustees may now limit investments in the island to £20k, which wont be in their interests.
They should have just mirrored the UK FSCS compensation scheme

Much better to hope that we get our money back from the UK Govt-then the bank wont be in default and the compensation scheme wont kick in sgebbett


SIPPS and their equivalents

  • Noodle 2
  • 15/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 06:02

Griffiti

I have emailed Michael Cannan (Tynwald) and also the FSC regarding the legal structure of pensions and how, effectively, they represent individuals' savings. I have even offered to send them our members' statements to show that the only beneficiaries of the corporate trust structure were my husband and myself. I got a pretty basic email back saying that they had reviewed the compensation scheme but nothing concrete. My guess is that they are so terrified by the amount of compensation they might have to pay out they are scrabbling around for any excuse to limit people's access.