The formal notification that HMRC had completed a review, announced in December, was received at the end of last month. However, a number of IoM companies at this point had already received letters saying they had been accepted, and giving them a QROPS number.
Among these schemes is the Baker Tilly Isle of Man QROPS SIPP, and IoM-based pension provider SIPP Specialists Ltd’s SIPP Specialists 2010 Scheme.
HMRC review
The Isle of Man unveiled its new 50c QROPS legislation last year, but after HMRC announced its review, the registration of any new 50c schemes was effectively halted.
At that point, just one 50c scheme, Boal & Co’s Trinity Plan – which was initially registered in October, shortly after the 50c-enabling legislation was passed – had made it onto HMRC’s all-important list of QROP schemes.
Pre-existing Isle of Man QROPS, which had been set up before the legislation which made the 50c QROPS possible was approved, were not affected by the review.
Stuart Clifford, chairman of the Association of Pension Scheme Providers 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.”
