Isle of Man: Isle of Man 50C QROPS Now Appearing On HMRC Website
Last Updated: 30 June 2011

Pensions written under the Isle of Man's 50C pensions legislation are now appearing on the list of QROPS shown on HMRC's website, following completion of a review by HMRC.

The confirmation that schemes approved under 50C are capable of meeting the conditions to be QROPS was received last week, and this further strengthens the Isle of Man's position as a leading QROPS jurisdiction.

The Isle of Man has a long history of providing international pensions, and is now able to complete its suite of retirement solutions products aimed at the internationally mobile. 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.

This experience, together with dedicated pensions legislation and a dedicated Pensions Regulator (the Insurance and Pensions Authority), and a thriving international life insurance sector means that the Isle of Man can expect to be at the forefront of retirement planning

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. If you add to this the high quality of the administration companies, who have worked together to see the legislation through, and the excellence of the Island's infrastructure of associated supporting industries, it is clear that the Isle of Man is the leading jurisdiction for QROPS business.

"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."

Minister for Economic Development, Allan Bell said: "The 50 C legislation implemented last year was a great example of government and industry working together, and I am delighted that HMRC have concluded their review. The Isle of Man is already a centre of excellence for international retirement planning, and this gives a further boost to our already world leading international pensions sector."

For further information please contact Stuart Clifford at Stuart.clifford@bakertillyiom.com
IOM Department of Economic Development john.batty@gov.im

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

 
In association with
Press Releases from this Firm
Recent Content from this Firm
By John Spellman
By Malcolm Couch
By Richard Slee
Tools
Print
Font Size:
Translation
Channels