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BenFairfax

My Examiner Finance Column

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I think you need to do some research before you start commenting on local affairs.

The Manx Pension Supplement has been paid since 1993. It is half again on top of the basic pension.

See IOMPA website Isle of Man Pensioners' Association.

 

Thanks, maybe I should stick to my area of expertise. The confusion came about because I was thinking about the qualifying rules for the supplement for UK nationals who move to the Island. Do you know what these rules are?

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How about trying to cover some of the issues raised in the fascinating special report on offshore finance "A place in the Sun" in the 24 Feb 07 edition of The Economist - and their relevance for the Isle of Man?

 

It raises loads of issues of relevance to the Manx economy that never seem to be debated very widely on the island.

 

For instance it quotes research to suggest that well-run offshore financial centres can actually boost economic activity in their larger near neighbours rather than diverting it.

 

It also suggests that costs of running such centres have increased - for instance through the higher cost of complying with the raft of international standards (some countries such as Tonga, Niue and Nauru have decided that all this is too much trouble and decided to quit offshore banking...) - and that OFCs must be well run to succeed in the future...

 

Much else is covered on the impacts of globalisation, transfer pricing, how to defeat 'tax cheats', how to maintain social harmony and avoid tensions with 'the locals' through investment in education/affirmative action in OFCs...

 

Lots to think about, both about the need to ensure that OFCs are seen to be stamping out corruption / tax evasion and about the opportunities opening up from flexible (but high quality) small economy regulation.

 

You have to cut through the sometimes frustrating style of The Economist. But it raises lots of pertinent issues. Enough to keep your column going for a year or more!

 

Thank you for your detailed reply. The points you raised as detailed in the Economist report are not widely debated and as you said are highly relevant to the Manx economy and society. However, I really feel that I am not qualified to properly treat these topics. Firstly I have not been in the IOM for that long and secondly I do not profess any particular expertise in the structure, affairs or societies of OFCs. Saying this, on the IOM there are individuals who could provide expert opinion on these matters. If you want and have ideas on possible individuals (maybe even yourself) who could provide quotes for such an article then maybe we could continue this debate via PM, and I can see what I can work out.

 

With regard to the Economist style I actually quite like it. In fact, I am using the Economist Style Guide to provide me with a set of guidelines.

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I think you need to do some research before you start commenting on local affairs.

The Manx Pension Supplement has been paid since 1993. It is half again on top of the basic pension.

See IOMPA website Isle of Man Pensioners' Association.

 

Thanks, maybe I should stick to my area of expertise. The confusion came about because I was thinking about the qualifying rules for the supplement for UK nationals who move to the Island. Do you know what these rules are?

 

 

Ten years residence and payment of contributions on the island although this is not what was recommended by the Chislett Report at the time.

The recommendation was that after 10 years residence pensioners should get the IOM Supplement.

It's a long story.

Edited by Moghrey Mie

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It's a long story.

 

Just read the letters page in the Examiner virtually every week to keep up with it!

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Ten years residence and payment of contributions on the island although this is not what was recommended by the Chislett Report at the time.

The recommendation was that after 10 years residence only pensioners should get the IOM Supplement.

It's a long story.

 

Thanks, I've already passed this info onto one person.

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Thanks for the suggestion I will add it to my list.

 

On public pensions I understand legislation on a "Manx supplement" (i.e. Manx state pension would be higher than the mainland) may be put forward. With private pensions I would like to say someone on Manx SIPP and Manx SASS, if I can find providers/structures where the kick-backs, set-up fees and running costs do not make the tax savings redundant.

 

try contacting:-

Nigel Callin @ Fedelta Group 21 Athol Street or

Chris Shimmin @ IOM Insurance and Pensions Authority

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try contacting:-

Nigel Callin @ Fedelta Group 21 Athol Street or

Chris Shimmin @ IOM Insurance and Pensions Authority

 

Thanks, I know two UK guys who used Nigel Collin for Pension planning (a SASS and a SIPP), and these two only had good things to say about him. So far I have not come across Chris Shimmin but I will add him to my list of Pension contacts.

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try contacting:-

Nigel Callin @ Fedelta Group 21 Athol Street or

Chris Shimmin @ IOM Insurance and Pensions Authority

 

Thanks, I know two UK guys who used Nigel Collin for Pension planning (a SASS and a SIPP), and these two only had good things to say about him. So far I have not come across Chris Shimmin but I will add him to my list of Pension contacts.

 

Stephen Shimmin at Mac Financial is pretty good. He seems to understand the SIPP and SASS regulations very well.

 

Personally, I am very glad for the shake up. The sooner Manx Residents do not have to buy UK annuities the better, and SIPPs are fantastic. Not to interested in the SASS at the mo though.

 

So when do you reckon the market correction will happen?

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Stephen Shimmin at Mac Financial is pretty good. He seems to understand the SIPP and SASS regulations very well.

 

Personally, I am very glad for the shake up. The sooner Manx Residents do not have to buy UK annuities the better, and SIPPs are fantastic. Not to interested in the SASS at the mo though.

 

Thanks, it seems pension structures are a popular topic. An article researching Manx SIPP providers and publish the details seem as if it would be useful to a number of people. In due course I will contact these people and see what I can put together. On another note, I am told that SASS are useful since they can be used to pass assets on, where the assets are zero taxed on the way in and zero taxed on the way out.

 

So when do you reckon the market correction will happen?

 

In short, I do not know but since I never buy the index or invest in accordance with any index I do not focus on this issue. My approach first focuses on identifying themes, after which research in undertaken in the listed securities which offer the most efficient means to represent these themes.

 

Though the media does tend to focus on short term events in my view focusing on short term (index or stock) price moves does not help ones investment performance. The reason being that over the long term your returns will be determined more by ones skills as an investor than the market environment in which you operate. Just look at Warren Buffets performance in the 1970's.

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