Guernsey Association of Pension Providers has launched a draft code of practice on Qualified Registered Overseas Pension Schemes, which aims to clarify what is allowed under the scheme.
GAPP Code of Practice Group chair Roger Berry says the code will make sure people using Qrops schemes from Guernsey know what is permissible under HMRC’s regulations.
It looks to inform advisers about the service and standard they can expect, as well as provide a basic guide to how the regulations have been interpreted by providers on the island.
Participation is voluntary but Berry expects most providers will want to sign up to it when the final code is published by April.
Berry says: “There is a lot of confusing comment coming from different providers about what you can and cannot do with Qrops and still meet HMRC’s extremely complex regulations. This code of practice will remove some of the
confusion for people and let advisers know we are all singing from the same hymn sheet.”