New Guernsey QROPS Code

The Guernsey Association of Pension Providers has drawn up a new code for QROPS providers in an attempt to provide a clearer framework for the overseas pension plan.

London, UK (Pryce Warner International) May 20th, 2011 – QROPS (Qualifying Recognised Overseas Pension Schemes) are overseas pension plans that allow expats to transfer their national pension assets to an overseas account.

QROPS have been in existence since 1994 and have helped provide Expats around the world with a stable and secure retirement plan.

The new QROPS code has been introduced by the Guernsey Association of Pension Providers (GAPP) in an effort to strengthen the reputation of the scheme by offering a clear and structured framework that providers can adhere to.

Participation with the code is strictly voluntary at present, though many providers have signed up and it is expected that many more will do so over the coming months. A full list of participating members can be found on the GAPP website.

It is also hoped that the guide will help set a common standard in QROPS provision, though its exact terms are not set in stone. As new legislation governing QROPS is released periodically, this will enable the code to evolve alongside the latest HMRC regulations.

Nothing in the code is intended as an authoritative statement on the law or taxation rules, and the GAPP strongly advises those interested in applying for a QROPS to seek professional assistance and tax advice.

The GAPP also hope that the code will help give Guernsey QROPS providers a competitive edge as similar codes have already been introduced for QROPS providers in Hong Kong and New Zealand.

David Harra, a Senior Market & Financial Analyst with Pryce Warner International Group, Specialists in the provision of overseas pensions commented: “The new Guernsey QROPS code is a great idea and will help to strengthen what is already a great service. Though the code is only voluntary, it sets out a clear framework that the public can go over to ensure that they are fully informed before seeking to apply for a QROPS. By having a benchmark by which a common standard can be set the code should also ensure that the quality of QROPS provision increases and gives providers a very clear indication of what they should be doing.”

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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