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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.”


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There are 11 comments at the moment, we would love to hear your opinion too.

  1. Brooklands Pensions really should get their facts straight before issuing this sort of press release. I know for a fact that Guernsey has no intention of ‘de-registering’ QROPS. This is shameless scaremongering being put about by Brooklands in an attempt to get people to transfer into their New Zealand QROPS (where, as I understand it, investment growth is subject to NZ taxation).

    Guernsey is very close to finalising a solution to the problems raised by the draft HMRC legislation and it is almost certain that this will be enacted in the coming weeks. The Guernsey Association of Pension Providers will, I understand, be issuing a full update on this in the next couple of weeks.

    Ironic that new Zealand providers should be reverting to a campaign of misinformation when it was their ‘pensions busting’ activities that provoked HMRC to issue the new legislation in the first place.

  2. Mr. Offshore Qrops specialist 24th January 2012 at 4:33 pm

    “Advisers who recommend such transfers are running a very significant risk”.

    Since when have the QROPs Trustees or offshore advisers actually cared about the level of advice being given, in the offshore market, where the majority of these trusts are sold.

    I hope that HMRC come down hard and that those affected are able to come knocking on the doors of the Trustees who have obviously taken very little interest in what the trust beneficiaries, their clients have been doing.

    Really is a case of roll up roll up, last order please!

  3. Whether Guernsey schemes are being de-registered or not, there is uncertainty. De-registering is an option, as well as imposing a with-holding tax; which could result in a double taxation situation.

    There has been some shameful behaviour since QROPS were introduced, but a sell by date in Guernsey is by a country mile the most unethical so far. I expect clients are not being fully informed of the potential implications.

    There may be some advantages in transfering now, but Malta, NZ and Australia are the only places that should really be considered.

  4. J M Pye Waterstone 25th January 2012 at 12:13 am

    Shame on you Mr Boniface. Get the facts first next time.

  5. There is absolutely no doubt in mt mind that Guernsey will have placed itself back on the same footing as NZ, Australia and Malta within the coming weeks and will remain the best regulated QROPS jurisdiction by far. As a jurisidiction Guernsey is and always has been committed to providing high qulaity pension provision.

    The fact that a NZ provider made the mistake of issuing a press release that was not just misleading, but which was wholly inaccurate, may perhaps be suggestive of the quality of the QROPS providers in that particualr part of the world?

  6. Not really very professional to attack Guernsey players for a mass ‘buy now while stocks last’ attitude whilst at the same time scaring new and existing clients into believing that a UK SIPP or NZ scheme is now the only option – I wonder who would also be able to offer these Mr Boniface? Ask yourself after reading this propaganda – Do you really want to deal with this so called ‘professional trustee’ or firms who will communicate the facts in a calm and considered way, with the needs of the client coming first and foremost and not those of themselves? I’m sure the market will see right through this facade and that this malicious approach will only backfire spectacularly on the protagonist.

  7. I really do not understand why anyone ever listens to or takes seriously articles written by Brooklands. I often think a 7 year old has stolen Keith Boniface’s log in and started typing pap whilst he is out of the room making his boss a cuppa.
    I am sure the consultation process with HMRC will have highlighted the sort of operation Brooklands is (although I expect HMRC have an idea already judging by the pension busting related changes to law).
    I am amazed from a reputational perspective that the IOM and Guernsey QROP providers who provide their white label (but empty) QROPS offerings continue to be associated with them. Strange business practice indeed.

  8. Mr Boniface’s crude and shameless scaremongering is utterly incorrect in (at least) two vital respects . Perhaps he was Offhisface when he wrote it? Regardless, he has Eggonhisface now, given the serious errors in his claims. Can’t really see what credibility that someone still peddling UK SIPPs and NZ QROPS has, quite frankly. Caveat emptor applies.

  9. Brooklands Pensions are not an NZ company, they do not appear on NZ Companies Office.
    I am an adviser in NZ and must say that the companies I’ve used have always gone out of their way to ensure that HMRC rules are not broken.
    The main problem we have faced in the past is from advisers outside of NZ looking to use and in some case abuse our pension system. I know that many NZ providers no longer accept business from non-NZ residents to try to overcome this problem.
    I for one welcome the proposed HMRC changes. Our pension system was set up to benefit New Zealanders and those who choose to live here. We do not welcome those looking to abuse our pension system and I would personally go one step further and only allow UK pensions to be transferred to countries where the individual is resident.

  10. Having read the articles and having been following the QROPS situation with interest and knowing the Brooklands Pensions people for sometime I would like to add the following comments:
    Keith acted in good faith but certainly has egg on his face over this (other pathetic attempts at humour/insult above should be dismissed for what they are). clearly their sources were not as reliable as they thought!

    Brooklands Pensions have been a significant player in the Guernsey QROPS field and only just stopped new plans Guernsey on the back of the info the believed correct. If it had been true then their action would have been commendable rather than the “buy now while stocks last” scramble being advocated elsewhere. They are not the only provider that has had reservations about Guernsey QROPS but the others only voiced their concerns privately presumably as they did not have the confirmation that Keith thought he had.

    Finally; why is it that the most aggressive comments always come from “anonymous”? (Anonymous NZ adviser excepted!) In this case maybe a provider with only Guernsey is his bag?

  11. WOW !!! What a Rocking discussed about QEOPS,
    Really thanks author .

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