In addition to re-launching the scheme, which is and EET (Exempt Exempt Tax) scheme compliant with the Isle of Man Income Tax Act 1989, the provider is launching the pension into the Middle East, Asia and parts of Africa for the first time.
Boal & Co. had in recent years been promoting its Trinity scheme which was based on the Isle of Man’s 50c pension legislation. The scheme, which caused some controversy when launched, allowed investors to take up to 100% of the growth of their pension after transfer. However, new rules introduced by HMRC have meant QROPS based on the 50c regime are no longer permitted.
Managing director Gary Boal, who has just returned from Asia where he has been promoting the Select product, said: “Recent changes to the QROPS regulations by HM Revenue & Customs have signalled a clear change of direction for the QROPS market, and a new set of rules that QROPS have to abide by. Some centres will find it very difficult to live within the new framework, and other centres with no past pensions experience or international credibility will find it difficult to convince advisers.
“The Isle of Man, as a well-regulated international finance centre, with modern pensions regulation and a choice of pension structures, is very well-placed to be the centre of choice for financial advisers and their clients in the re-defined QROPS regime.”
This story has been updated – 01.06.12