Changes planned for Guernsey Qrops

Guernsey is preparing to overhaul its pension rules from April this year which international provider Brooklands Pensions suggests may lead to Qrops de-registering.

In a note to advisers, Brooklands Pensions marketing director Keith Boniface says Guernsey intends to introduce a new pensions regime in April this year.

Boniface says the new regime could force existing schemes to de-register and lead to a clampdown from HMRC. However, Guernsey Qrops Committee chairman Roger Berry says Guernsey is not considering de-registration of its current Qrops schemes.

Berry says: “We are unsure where Brooklands are sourcing their information but it clearly not from the approved industry body in Guernsey, as it is incorrect.

“A working party consisting of key Guernsey Qrops providers, local Income Tax Office representatives, and legislators, has worked hard over the Christmas and New Year period to provide a constructive response to the HMRC consultation on its proposals, and to ensure on-going compliance with the Qrops regime post April 6, 2012.”