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.
The Isle of Mans pension association has said close cooperation between its public and private sectors and a wait-and-see approach has meant the island has emerged almost unscathed from recent changes to HM Revenue & Customs QROPS list.
The Isle of Man government has expressed disappointment that its 50c pension schemes can no longer be QROPs.
Dubai is planning to go ahead with an “ambitious” pension fund for expatriates before the end of the year, a Gulf news website is reporting.
The Isle of Mans pension industry has finally broken its silence on the impending QROPS legislation, releasing a statement which says it has drawn up a number of options to deal with the new rules.
As the door shuts on the eight-week period during which HM Revenue & Customs was accepting comments on its plans to amend its QROPS regulations, Guernsey QROPS providers are pinning their hopes on the introduction of a new pensions scheme that would be open to islanders and non-residents alike.
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 proposed pension scheme for expatriates in the United Arab Emirates will not be subsidised or guaranteed at a government level, according to an economic adviser at the Dubai Department of Economic Development.
As the economic crisis unfolds, the pensions time-bomb that many have been warning of has become todays pensions nightmare, writes Stephen Ward, managing director of Premier Pension Solutions SL.
Brooklands Pensions has launched a new QROPS available to transfers from UK pension schemes.
HMRC has told the IoM’s Association of Pension Scheme Providers that its 50c review is near an end.
