The Isle of Man Government says it has been working on a 'number of options' to cope with potential changes to the Qualifying Recognised Overseas Pension Scheme (QROPS) regime announced by the UK government last year and due to come into force on 6 April 2012.
Stuart Clifford, Chairman of the Isle of Man’s Association of Pension Scheme Providers (APSP) said: "We have with Isle of Man Government lined up a number of options, depending on what emerges on UK Budget Day, but have taken to keep these in the locker. In the best traditions of the island’s “freedom to flourish” ethos, all parties are poised and ready to swiftly implement whichever planned solution is best suited to the new QROPS regime." HMRC has been monitoring QROPS following exploitation of the rules, which has seen them being marketed to access pension lump sums. According to HMR...
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