Are we about to see a repeat of 1446 BC, but this time the
exodus of Guernsey Pension Scheme members? Bethell Codrington
explains.
There is a Billet d'Etat due to be discussed at the next
Guernsey States meeting on 29 September on whether to introduce
Flexible Drawdown, and if approved, the legislation would be
effective from 2 October 2015. The legislation to be discussed is:
where transferred-in funds from certain overseas pension schemes
(including the UK) can be separately identified, will those funds
be able to be paid out with the same flexibility allowed by the
laws of the jurisdiction that the funds were transferred from.
Why?
Simply put, Guernsey is seeing a large number of requests to
transfer out of their de-registered QROPS (RNUPS), with clients
wanting to avail themselves of the new flexible rules. To date,
this means either transferring back to the UK or Malta, so by
potentially bringing in this legislation they hope to 'stem the
flow'.
