Isle of Man given QROPS go-ahead

Isle of Man

The Isle of Man has officially been approved by HMRC as a legitimate QROPS jurisdictions, joining the likes of Guernsey.

Following a six-month review period, HMRC have deemed that overseas pensions schemes written up in the Isle of Man are now fully approved.

HMRC have recently attempted to separate genuine QROPS providers from those who are not actually regulated, and the Isle of Man, long recognised as a serious offshore jurisdiction, easily passed the review process. In fact, some Manx QROPS providers are now boldly claiming that the Isle of Man is the best QROPS jurisdiction: “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,” said Stuart Clifford, chairman of the Manx Association of Pension Scheme Providers.

Since receiving confirmation from HMRC, 170 different Manx schemes have now been added to HMRC’s official list of approved providers. The QROPS pension transfer is rapidly growing in popularity amongst UK expats who are attracted to its convenience factors and wide array of benefits.

The Isle of Man now joins offshore financial centres such as Jersey and Guernsey as an approved QROPS area. To find out more about QROPS, visit our Pensions and Retirement Planning section, or alternatively discuss your unique financial situation with a recommended financial planner.