Self Invested Personal Pension (SIPP)
A SIPP is a private pension scheme designed for Isle of Man residents
In comparison to an insured pension scheme, the MFPT SIPP offers individuals the freedom to invest in a wide range of funds, greater flexibility to access funds and considered succession planning in a single product.
The pension can receive lump sum transfers and regular contributions invested over a number of years. Transfers from UK-based pensions are approved as the MFPT SIPP is HMRC Qualifying Recognised Overseas Pension Scheme (‘QROPS’) approved.
Benefits of a SIPP
Tax efficient contributions
Tax relief upon any pension contributions (up to a maximum of £50,000pa)
Investment choice
Unlike an insured pension product, a SIPP provides access to a wide-range of investment solutions
Access to a tax-free lump sum
Access a tax-free cash lump sum at either 50 or 55, depending on your SIPP
Planning for the future
Upon death, any remaining balance in your SIPP is passed onto beneficiaries
MFPT SIPP

MFPT 1989 features
Suitable for consolidating existing pension plans, that are not under the Pension Freedom Scheme (PFS) regime.
The key features of MFPT 1989 SIPP are:
- Access to a pension commencement 30% tax-free lump sum
- Able to take benefits from 50 years (can be 55 in some circumstances)
- Tax relief available on contributions up to £50,000 per annum
- Capable of receiving transfers from UK pensions
- HMRC Recognised Overseas Pension Scheme (‘ROPS’) approval is already in place for all transfers into the scheme

MFPT PFS features
Under the Pension Freedom Scheme (PFS) legislation, this provides greater flexibility on how benefits can be accessed.
The key features of MFPT PFS SIPP are:
- Access to a pension commencement 40% tax-free lump sum
- Able to take benefits from 55 years
- Tax relief available on contributions up to £50,000 per annum
- Not suitable for transfers from UK pensions or defined benefit schemes
Frequently asked questions
How many SIPPs can I have?
There is no limit to the number of SIPPs that one person can hold. Please be aware that there are annual and lifetime limits relating to how much you save tax efficiently in pensions.
Until what age can I contribute towards my SIPP?
There are different age limits for our MFPT SIPPs:
MFPT 1989 SIPP up to the age of 75
MFPT PFS SIPP there is no upper age limit
How secure is my SIPP?
As a client of MFPT, your funds are held in trust with MFPT’s chosen supplier. MFPT does not hold any client funds on account.
What charges are involved in setting up a SIPP?
MFPT will confirm the initial and ongoing charges to you based on your requirements and will not act without receiving approval from you. Details of all charges can be found in the fee schedule – please note exit fees may apply.
Do I have to choose funds myself?
No, you do not have to choose funds. If you have appointed an IFA, they will be able to do this for you.
Can I have a SIPP and other pensions at the same time?
Yes, it is possible to have a SIPP alongside a workplace or private pension. When accessing your SIPP and pension (s), please be aware that you will pay tax on any income received.
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Speak to us about an MFPT SIPP