Pension fund administrators are gearing up for the resumption of pension transfers to Gibraltar, in the wake of the news that legislation that is seen as making such transfers possible again was passed by Gibraltars Parliament on Friday.
The Gibraltar Parliament has paved the way for QROPS to return to the jurisdiction, by approving proposed amendments to its income tax legislation that, officials say, will satisfy the concerns of Britains tax authorities.
Manulife, the Canadian headquarter life insurance company, has launched MyChoice, a new retirement savings plan offering critical illness benefits.
The aggrieved clients of the Panthera ROSIIP QROPS have been granted a Group Litigation Order by the UKs High Court, allowing them to bring a case against HM Revenue & Customs in relation to the government departments decision to charge the clients a 55% tax charge on assets transferred to the scheme.
More than 120 investors who transferred their UK pensions into the Singapore based ROSIIP QROPS are taking legal action against HM Revenue & Customs after the Revenue threatened them with a 55% tax charge following its removal from the list of registered schemes in 2008.
The Gibraltar Parliament is today due to take its first look at a Bill which would introduce Qualifying Recognised Overseas Pensions Schemes to the jurisdiction.
A new QROPS strategy has been announced by Skandia International, as the company moves from a one provider arrangement with Guernsey based Concept Group, to a multi-jurisdictional structure.
Isle of Man-based QROPS provider Boal & Co. has re-launched its Select scheme, following the recent shake-up of the overseas pension rules by HM Revenue & Customs.
HM Revenue & Customs has told Guernsey officials that it is willing to reconsider allowing some “domestic” Guernsey QROP schemes that were delisted in April to regain their status, following negotiations with Guernseys Income Tax Office.
An organisation representing pension fund administrators in Gibraltar has released a statement praising the British overseas territorys proposed new tax regime for pensions.
The Guernsey income tax office is believed to be close to securing QROPS status from HM Revenue & Customs for domestic pension schemes.
The retirement funding gap, regularly at the top of the news agenda in the UK, is a global issue, according to a survey of advisers based around the world.
