The amendments introduced by the Income Tax (Amendment No. 44)
(Jersey) Law 2014 (the Amendment), which are
intended to simplify and modernise the tax rules for pensions and
pension schemes for Jersey residents, which are now all contained
in Part 19 of the Income Tax (Jersey) Law 1961 (the
Law), came into effect on 1 January 2015.
As reflected in the report which accompanied the draft law, the
particular aim of the Amendment is to introduce flexible retirement
options in the context of occupational pension schemes and to
achieve more consistency in the tax rules as between occupational
pension schemes and personal pension schemes and as between
different forms of personal pension schemes, ie to minimise the
incentive to transfer funds between pension schemes. The main
changes are as follows:
