First Qrops in line with Isle of Man's new legislation
Consulting actuary Boal & Co has launched Trinity, following the introduction of a new pensions’' law by Tynwald, the Isle of Man’s parliament.
It claimed that this is the very first qualifying recognised overseas pension scheme (Qrops) to be approved under the new legislation, s50C of the Isle of Man income tax act 1970.
Mark Kiernan, director at Boal & Co, said that pension schemes approved under s50C now pay benefits – pensions, lump sum and death benefits – without deduction of any tax.
He said: "This is very different to the position previously for other Isle of Man Qrops.
"The retirement lump sum entitlement, moreover, places s50C schemes ahead of Guernsey and most other QROPS from a tax perspective.
"Regulatory considerations add to the superiority – the fact that all Isle of Man pension schemes are not just tax-approved, but are also supervised by a pensions regulator - the Isle of Man Insurance & Pensions Authority - under primary pensions legislation the Retirement Benefits Schemes Act 2000."
Gary Boal, managing director at Boal & Co, claimed that Trinity has been under development for six months.
He said: "At Boal & Co we now have Qrops schemes established under three different sets of Isle of Man tax legislation, as well as a Qrops (Synergy) approved under Guernsey tax law."