guernsey pins qrops hopes on new regime
The States of Guernsey is to introduce a completely new, one-size-fits-all pensions regime, open to islanders and non-residents alike, in an effort to ensure the survival of its thriving QROPS industry.
The States of Guernsey is to introduce a completely new, one-size-fits-all pensions regime, open to islanders and non-residents alike, in an effort to ensure the survival of its thriving QROPS industry.
STM, the Gibraltar-based trust company and pensions administrator, has received approval from the Maltese regulator amd HMRC for a new QROPS scheme designed to accommodate the special needs of expatriates living in the US.
Pension providers and others in Guernseys pensions industry met yesterday to discuss a range of options the island is seen as having, as it seeks to accommodate recently-proposed changes to the UKs QROPS legislation.
The association representing pension providers in Guernsey is understood to be working with officials there on changes to the islands tax regulations with respect to pensions, in an effort to ensure the survival of its QROPS industry.
The UK government is to set up a so-called working group to look into the issue of frozen pensions, in response to years of pressure from expatriate pensioners and politicians.
The STEP Journal, the official magazine for the Society of Trust and Estate Practitioners, has said Guernsey is the principal target of recent QROPS legislation targeting tax avoidance.
The Isle of Man government and pension association have welcomed HM Revenue & Customs’ draft legislation on the QROPS regime.
Royal Skandia and Concept Group have created a QROPS with a fee structure aimed at clients with transfer values of less than £75,000.
An overseas pension expert is claiming a change to a draft bill in New Zealand means QROPS are no longer under threat.
There is mounting opposition in New Zealand to a section of a new bill which would prevent
Providence Life has launched a low initial investment QROPS with an integrated portfolio bond.
Brooklands Pensions has launched a further New Zealand QROPS, despite legislation currently going through its Parliament which could prevent QROPS from being domiciled in the country.