The Guernsey QROPS Market
Guernsey used to be one of the main financial centres offering Qrops for many people. Many of the leading Qrops providers operated from this jurisdiction.
In April of 2012 the UK changed its legislation in relation to Qrops and removed Guernsey as a jurisdiction. This has resulted in the closure of any new clients being able to use Guernsey based schemes.
If you are already in a Guernsey based scheme do not worry, you still have Qrops status for your pension. The new legislation has prevented any new schemes being transferred in.
If in the future the UK Government change Guernsey’s status again we will update the changes here.
If you are thinking of transferring into a Qrops it is vital that you seek independent financial advice. Legislation changes, rules and schemes change, for most people it is difficult to ensure they know exactly what they can do and what they can’t do. The change of Guernsey’s status is a prime example of how quickly things can change.
The people who are up to date are the professionals. If you need assistance on this matter and whether a Qrops is right for you contact us at [email protected]