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Guernsey moves to allow flexibility of benefits to international pensions

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Friday 13 February 2015

Guernsey's Treasury and Resources Department has announced its intention to bring proposals to allow flexibility of benefits to international pensions held in Guernsey, such as QROPS (qualifying recognised overseas pension schemes), before the States of Deliberation this summer.

Guernsey's Deputy Treasury Minister, Deputy Jan Kuttelwascher said:

"In light of recent reforms announced by the UK government with regard to introducing "pension flexibility", Guernsey's Treasury and Resources Department intends to propose an amendment to Guernsey's income tax law that would allow inward transfers to a Guernsey personal pension scheme the same flexibility of benefits as allowed by legislation of the jurisdiction from where the funds or benefits entitlement originate. Such a change would enable members in a Guernsey pension scheme that has QROPS status access to the same pensions flexibility offered by the UK and would extend both to transfers already made and to future transfers into a Guernsey personal pension scheme.

"The Department is also consulting with interested parties on how greater flexibility in retirement could be introduced, to ensure Guernsey's pensions industry can offer flexible and competitive pension products to encourage private pension provision."

Stephen Ainsworth, President of Guernsey's Association of Pension Providers (GAPP) said:

"GAPP welcomes this announcement which will ensure that Guernsey continues to offer an attractive product for international pensions business, that provides the same flexibility of access to pension funds for QROPS transfers, as is being introduced in the UK. This proposal will also ensure that outward transfers can continue to be made to overseas pensions schemes that offer similar flexibility."

ENDS

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