The trustee lost the case on two points. First, the judge decided that there was a system for regulating pensions in Singapore and that the Panthera Recognised Overseas Self Invested International Pension should therefore have been authorised under the system.
Second, the judge decided ROSIIP was not open to Singaporean residents, as required under QROPS rules.
However, Equity Trust contests both points and confirmed in a statement to members of the scheme that it has made an application to appeal.
In the letter, Equity Trust said on the first point – whether there was a regulator in Singapore with which ROSIIP should have registered – that “if this ruling were to stand, any country or territory that has any sort of ‘system’ for the regulation of any pension scheme, no matter how narrow or obsolete, then unless you fall within that class and obtain authorisation so that you satisfy Condition A [of the overseas pensions provisions in the Finance Act 2004], you cannot opt to be considered under Condition B.” It added it would therefore be “impossible to have applied for QROPS status” in Singapore.
On the second point, Equity Trust maintained in its letter that the scheme was open to Singaporean residents, and highlighted Recital D of ROSIIP’s Trust Deed which, according to Equity Trust, states that it is. The trustee also argued that there are a number of Singaporean residents who are actually members of the scheme, although during the case hearing it transpired that this evidence was submitted late.
The letter went on to state that, according to Equity Trust’s interpretation of the judgement, any QROPS with a trust deed containing a clause giving discretionary power to exclude applicants, which ROSIIP contained, it “will be disqualified as a QROPS”.
