ISLE of Man based pension provider SIPP Specialists Limited has received approval from HMRC for its QROPS scheme written under 50c legislation.

The launch had been delayed since last year by an HMRC review of the legislation, but has now been given the all clear and allocated a QROPS number. The scheme, SIPP Specialists 2010 Scheme, will now be featured on the HMRC website.

‘Naturally, we’re pleased to offer this new product, finally,” said director Dougie Elliott. “It’s been a bit frustrating for all of our prospective clients, who have had a long wait, but we can now move forward.

“The fees will be extremely competitive in the market place, in line with our wish to provide good quality, value for money service.” he added. “We also believe in working to both the letter and spirit of the QROPS legislation.”

Co-director John Bingham added, “We believe that the Isle of Man is an excellent jurisdiction for people to entrust their hard-earned pension benefits, and it’s not solely a matter of tax-free cash.

“We are the only jurisdiction with a regulator like the Insurance and Pensions Authority and that makes a world of difference. You don’t need voluntary codes of conduct here because we’ve got a compulsory code through the IPA. This should give people great confidence.”

John Garland added, “This will sit nicely with our other structures in Guernsey, Malta and Gibraltar. There is an increasing understanding now that for QROPS jurisdictions, one size does not fit all – it all depends on what the client needs.

“One of our core values is to give clients and their advisors a choice. We are also working on other structures to enhance this element of choice.”

www.sippspecialists.co.im