IoM embarks on IFA charm offensive in bid for British pensions

The Isle of Man (IoM) is launching an international publicity campaign to encourage British expats to domicile their pensions in its jurisdiction.

The IoM Association of Pension Scheme Providers (APSP) and the island's financial promotional body, the Finance Partnership will target IFAs as part of the publicity drive.

The island will push for more pension transfers now that uncertainty over Section 50C of the IOM Income Tax Act 1970 has been cleared up.

Section 50C sets out the requirements with which IOM pension schemes must comply in order to be qualifying recognised overseas pension schemes (QROPS) in the eyes of Her Majesty's Revenue and Customs (HMRC).

The IoM only had a 5% share of the total pension transfers out of the UK in H1 this year, as Guernsey topped list with 32%.

Stuart Clifford, chairman of the APSP said: "The IoM is unique among international offshore centres in having a dedicated regulatory regime for the managers of pension schemes and the schemes themselves.

"This regulation is distinct from the tax framework that governs the schemes and the result is a highly flexible and modern structuring opportunity of international pensions underpinned by a dedicated regulatory function."