Guernsey

Guernsey QROPS pension jobs 'still threatened'

Two hundred jobs in Guernsey's QROPS pensions sector are still under threat, according to the Guernsey Association of Pension Providers.

President Stephen Ainsworth said it was due to uncertainty caused by changes made by UK HM Revenues and Customs.

However, he said there were concerns more restrictions were in place compared to other territories.

Mr Ainsworth said it left uncertainty for those employed in the sector and disrupted normal business activities.

QROPS, Qualified Recognised Overseas Pension Schemes, were introduced in 2006 to allowed British expats to transfer their pensions abroad.

In April HMRC de-listed all but three of the 300 Guernsey-based QROPS pension schemes, after bringing in new rules aimed at cutting tax avoidance.

The Guernsey Income Tax Office has been in negotiations with HMRC since then and earlier this week announced that employer-run schemes involving just Guernsey residents would be re-assessed by HMRC for re-listing.

Mr Ainsworth said whilst good news it did not deal with the broader issues of schemes covering more than one jurisdiction, such as Guernsey and Jersey, or international pension schemes generally.

He said: "We are seeking to engage with HMRC on this and other issues in the very near future."

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