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Guernsey Qrops plans New Zealand scheme

Qualified recognised overseas pension scheme adviser Global Qrops says Guernsey Qrops providers may look to establish New Zealand schemes in the coming months to offer expatriates greater flexibility.

HM Revenue & Customs pension regulations require Qrops established in certain jurisdictions to use at least 70 per cent of the fund to provide income for life in retirement.

Australian and New Zealand Qrops do not have this requirement due to the regulation of the schemes and double tax treaty and transparency arrangements with the UK.

Qrops commentators believe Guernsey providers are looking to capitalise on these rules which could offer New Zealand residents legitimate enhanced tax-free cash payments after five years of overseas residency.

Qrops adviser Global Qrops Ltd director Paul Davies says: “Providers are looking at multi-jurisdictions to annexe onto their Qrops either in the form of a Qualifying non-UK pension scheme or a Qrops and that is something we could see in the coming months.”

Close has a Guernsey and Jersey Qrops and says it constantly looks at how best to evolve its product range in order to meet demand.

Head of marketing Rex Cowley says: “Given the number of British expatriates living in New Zealand and the number of Kiwis who have accumulated UK pension pots, given they have lived and worked in the UK, a New Zealand-registered Qrops has not been ruled out.”

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