FAQs – Find an answer to your questions
Frequently Asked Questions
This page provides you with a list of questions which have been asked previously.
If you have a question please review the answers below first. Should you not find an answer to your question then please either contact us, fill out an enquiry form or call on +44 (0)1624 697240
The eligibility criteria for employer sponsored plans is varied and depends on which type of plan you are in it can include both expatriates and local employees. The criteria is set out in the relevant plan rules.
You may transfer an entitlement from another pension plan into our Personal plans subject to the agreement of MSRS. Employer sponsored plans generally do not permit transfers in from other plans unless explicitly permitted in the plan rules.
This will be determined by your plan rules. They will stipulate the frequency that you are allowed to make changes to the level of your contributions and any limitations that may apply.
An investment guide will be provided to help you make your investment elections. MSRS do not provide investment advice however our affiliated company Moore Stephens Financial Services Limited is authorised to provide independent financial advice and can be engaged separately to assist you if required. If you are in any doubt about which options are best for you, you are advised to take independent financial advice from and adviser of your choosing.
This will be determined by your plan rules. You have online access to your account through the member portal. Once logged in, if permissible by your plan rules, you can make changes to your investment elections. Making changes to your current investments are doe separately by requesting a Switch, the online wizard guides you through this process.
For employer sponsored plans the investment funds were selected by your employer after taking appropriate advice. Several different investment managers will have been considered and in making a final decision, your employer will have taken into account the past investment performance and the ongoing strategy of the various managers selected.
For our international personal plans the core range of investment funds were selected by Moore Stephens Financial Services Limited after considering the most appropriate funds available from fund managers with a selection of multi-currency managed funds. If you have one of our Isle of Man SIPP’s then you will be more involved in choosing how your retirement pot is invested and this could include real property, investment funds, stocks & bonds etc.
The range of funds available has been chosen to take into account the varied membership of the plan and the long term nature of retirement savings. Certain plans require the employer to establish a plan committee, part of their responsibility is to work with the Trustee to establish a Statement of Investment Principles (SIP) defining the investment strategy of the plan. Where one exists the Trustee has verified the fund range and believes that they are in accordance with the Statement of Investments Principles agreed with your employer.
For our Isle of Man clients when you retire your personal plan will have no impact upon any state pension that you might be entitled to. However for international plans, as circumstances are different in each jurisdiction, it is recommended that you take appropriate advice at the time.
Circumstances are different depending whether you are an Isle of Man resident in a domestic plan or you are in one of our international plans. For Isle of Man residents normal treasury rules and restrictions apply and will be different depending on the type of pension you have with us.
For international clients the normal retirement age is determined in your plan rules. Provisions to retire before or after the normal retirement age, where applicable, will also be set out. Certain plans permit you take your benefits if you leave the service of your employer at any time during your participation in the plan. You may be entitled to a single lump sum payment equal to the vested portion of your participant’s account.
For Isle of Man residents yes you will be subject to income tax at the prevailing rate.
For our international members tax will not be taken in the Isle of Man, but depending on your country of residence at the time you draw down the funds, there may be a tax liability. You should take independent financial advice at that time.
Yes, these are available from the Document Library within your retirement account or from the Trustee on request.
Your plan is established under a Trust Deed and Rules. Where MSRS are the Trustees this will be under the laws of the Isle of Man, and the plan is approved under the Retirement Benefits Schemes Act 2000. MSRS is also the registered plan Administrator.
We also administer plans for other Trustees on a third party basis. These plans are located in various jurisdictions and are not covered by the legislation as noted above. The jurisdiction and governing law of such plans is detailed in the respective Trust Deed and is available from the relevant Trustee on request.
For members of employer sponsored plans, if you believe you are being denied any rights or benefits under the plan, you may file a claim in writing with the Plan Committee. If the claim is denied, in whole or in part, the Plan Committee will notify you in writing, giving the specific reasons for the decision, including specific reference to the pertinent plan provisions and a description of any additional material or information necessary to perfect the claim and an explanation of why that material or information is necessary. If you are dissatisfied with the Plan Committee’s handling of the situation, you are entitled to request a review of the Plan Committee’s decision by the Trustees.
For members of our personal pension plans any complaints should be made in writing to the Trustees. If the claim is denied, in whole or in part, the Trustees will notify you in writing, giving the specific reasons for the decision, including specific reference to the pertinent plan provisions and a description of any additional material or information necessary to perfect the claim and an explanation of why that material or information is necessary. If you are dissatisfied with the Trustees handling of the situation, you may refer the matter to the Isle of Man Financial Services Authority.
The nature of the Trust requires that the plan assets are separate from the assets of MSRS and thus are solely for the benefit of the members of the plan. This ensures that the plan will remain intact and independent of any new owner of MSRS or will be protected in law from any corporate event which MSRS may be subject to.
Your personal details and plan documents are available online. You can also view the following information relating to your plan:
- Detailed contribution history by type
- Current holdings and current value
- Transaction history
- Fund fact sheets showing rates of return for the funds available on your plan
- Plan statements can be run for a chosen period
- Current fund selections
- Nominated beneficiaries