Isle of Man 50C QROPS on HMRC approved list

Pensions written under the Isle of Man’s 50C pensions legislation are now appearing on the list of QROPS shown on HMRC’s website

International Investment reported that HMRC had approved Isle of Man 50C schemes earlier this month, prior to the official announcement.

Commenting on the news, Stuart Clifford, Chairman of the Association of Pension Scheme Providers (APSP) said, “With the flexibility of the Island’s schemes, together with the long established regulatory system for pensions in the Isle of Man, we are now right at the top of the tree as a QROPS’ jurisdiction.... I know I speak for everyone in the industry when I say we are excited at the future prospects and look forward to being of assistance to all of those UK pensions holders who have taken up permanent residence in other territories.”

A review of the Isle of Man’s pension legislation by HMRC began in December 2010 and up until now no 50c QROPS have been registered since then. Boal & Co’s “Trinity” pension scheme has been the only registered QROPS of its type as it was tax-approved under the Isle of Man’s “section 50C” legislation on the same day that the new Manx legislation took effect in October 2010, which was prior to the HMRC review.

With 23 registered pension providers, the Isle of Man has over 650 international schemes and a similar number of Isle of Man-based schemes, of which 170 appear on HMRC’s QROPS’ list. http://www.hmrc.gov.uk/pensionschemes/qrops.pdf