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QROPS Proposition: SIPP Specialists Hold a Unique Market Position

Contributed by Dougie Elliott, Director of SIPP Specialists Limited [www.sippspecialists.co.im]

The QROPS (and QNUPS) market continues to grow, change and develop. It has been getting increasing prominence, not always for the right reasons.

A number of events have been taking place in recent times which, when taken as a whole, means that Advisers need to have confidence in their QROPS provider(s) more than ever before. Please consider the following:-

  • HMRC intervene in IOM, Hong Kong, Gibraltar QROPS
  • HMRC introduce QROPS ‘monitoring’ team
  • New Zealand QROPS provider pulls out
  • New Zealand undertakes internal QROPS review
  • Guernsey introduce voluntary Code of Conduct for QROPS providers
  • Malta becomes QROPS jurisdiction after extensive consultation with HMRC

The context in which we operate is heavily influenced by the expressed desire of the UK Treasury to crack down on ‘tax avoidance’ and their intention to spend £900m more to help achieve this. Caveat Emptor is the watchword.

The SIPP Specialists Proposition

  • Both spirit and letter of QROPS/QNUPS legislation will be observed
  • We will only deal with regulated companies/individuals
  • We offer a choice of QROPS jurisdictions
  • Top quality service and support from a dedicated team
  • Transparent fee structure
  • Independent Pension specialists – no financial advice given

Our aim is to ensure that all parties are protected from any future investigations, by ensuring that all our QROPS structures are primarily to provide a pension for life, that the significant jurisdictional differences are offered to Advisors and that everything is underpinned by quality administration service and support.


QROPS CHOICE OF JURISDICTION IS IMPORTANT

It is important to remember from the outset that from a QROPS Jurisdiction point of view, one size does not fit all.

Advisers and their overseas clients need to consider what each jurisdiction offers ie, the differences, when deciding to transfer their hard earned pension benefits. Which jurisdiction offers them the ‘best fit’.

For example:

  • How well is a jurisdiction regulated?
  • Does it follow both the spirit and the letter of the QROPS rules?
  • Is the tax free cash the main issue?
  • Is taxation on income the main issue?
  • Does the client want to take a loan from the fund?
  • Does the client live, or intend to live in an EU country?
  • Does the client own UK residential property outside his scheme?
  • Is IHT planning the main driver?

These issues are important factors in the choice of QROPS jurisdiction, as there are differences in the way they can be dealt with from jurisdiction to jurisdiction.

We can offer the following choice:

  • Isle of Man QROPS
  • Gibraltar QROPS
  • Guernsey QROPS
  • Malta QROPS
  • Isle of Man QNUPS
  • Isle of Man International Retirement Benefit Scheme (IRBS)

PS. To learn more, please contact us on:
consultants@sippspecialists.co.im or visit www.sippspecialists.co.im

Dougie Elliott
Director

SIPP Specialists Ltd is registered with the Isle of Man Insurance and Pensions Authority as a Professional Benefits Schemes Administrator

SIPP Specialists Limited
St Georges Chambers, 1 Athol Street
Douglas, Isle of Man, IM1LD
Tel: 0044 (0)1624 678458
E-mail: consultants@sippspecialists.co.im
Website: www.sippspecialists.co.im

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