Guernsey's New Pensions Regulatory Framework And Information Reporting Regime

In June 2017 Guernsey announced plans to introduce a new regulatory framework for the provision of pensions and pension services. At the same time, Guernsey introduced legislative changes to enable non-domestic pension schemes to seek approval under the tax law, with a view to providing information reporting to the local tax authority as an approved scheme. One of the motivations behind these changes was to enable eligible pensions to meet the requirements of the OECD's Common Reporting Standard ("CRS") to enable such schemes to fall outside the scope of CRS reporting.

This briefing identifies some of the key changes introduced by Guernsey with effect from 30 June 2017 and will be of direct interest to financial institutions that provide pension related services which are established in, or operate from, Guernsey, as well as employers and members of such schemes.