Following yesterday’s publication of HMRC’s list of approved QROPs schemes, Minister Eddie Teare, MHK, said in a statelment: “The UK has made clear that it wishes a QROPS to be broadly similar to a UK registered pension scheme. Although I am disappointed that our 50C schemes can no longer be QROPS, the Isle of Man retains a powerful international pension management offering through having both occupational and personal pension schemes which can be approved as QROPS.”
He added that the Isle of Man had the benefits of the double regulatory oversight of the Insurance and Pensions Authority and the Assessor of Income Tax, as well as “a group of excellent providers in our pension sector. We can move on from this point to further consolidate our position as a key pension management jurisdiction and continue both to grow and diversify our economy.”
Three types of Isle of Man pension scheme were able to seek QROPS approval under the original rules: those set up under the Income Tax (Retirement Benefits Schemes) Act 1978, Part I of the Income Tax Act 1989 and section 50C of the Income Tax Act 1970.
While 50C schemes no longer meet the UK QROPS rules, and have been removed from yesterday’s published HMRC list, all other Isle of Man QROPS remain approved by the UK.