How new Isle of Man pension freedoms differ starkly from the UK
By Mark Battersby, 23 Feb 18
The Isle of Man budget on 20 February introduced the concept of pension freedoms to the island’s pensions legislation, setting out some stark differences to the already established UK rules.
Care over Qrops
Following the introduction of the Overseas Transfer Charge in 2017, the Isle of Man would normally only be suitable as a Qrops jurisdiction for Isle of Man residents.
Now that pension freedoms have been introduced into the Isle of Man, Isle of Man pensions trustees will have to create schemes that meet the new rules and ensure that the UK HMRC are comfortable with these rules, in order to maintain the schemes’ Qrops certificate and allow it to accept transfers from UK authorised pensions.
Tags: David White | Isle Of Man | Pension Freedoms | QB Partners | UK Adviser
