Kreston Pensions has secured a major boost to its pensions business with approval from HMRC to operate a QROPS scheme from the Isle of Man.

QROPS is an overseas pension scheme that meets certain requirements set by HMRC. The scheme can receive the transfer of UK pension benefits without incurring an unauthorised payment and scheme sanction charge.

The Kreston Pensions QROPs scheme will now be listed on the HMRC website.

Group CEO David Pope said: ‘This is another step forward following our announcement last month that we had received approval from the Isle of Man Insurance and Pensions Authority to become a pension scheme administrator.

‘It is the latest step in our group development plan. We have been preparing for these developments for some considerable time and this approval means we can also start to implement moves into new jurisdictions. We believe that getting the correct infrastructure in place before going to market is key to demonstrating that Kreston Pensions will offer excellent service standards.’