Is your client locked into a Guernsey QROPS? Our head
of international pensions has a word of warning.
With the pension market opening up as the UK Government moves to
create "Pension Freedom", it would appear that some
Guernsey schemes might seek to prevent those who have transferred
their UK Pension Funds to a (now closed) Guernsey
QROPS from taking advantage of the new regulations.
One Guernsey provider commented (extract):
"We are starting to see requests from other QROPS clients
who are interested in the new flexible drawdown rules, which
Guernsey does not currently allow. The difficulty that we have is
that the Guernsey tax rules and the [name removed] scheme
rules do not allow the transfer of a pension to a scheme that is
more favourable that the existing arrangements.
