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Guernsey Treasury minister Gavin St Pier has unveiled a package of changes to the way certain types of pension schemes in the island are taxed, in an effort to restore Guernseys lately-embattled pensions administration industry.
After weighing up the pros and cons of amending its regulatory framework to allow qualifying regulated overseas pension schemes to be set up in the Qatar Financial Centre, the Qatar Financial Centre Regulatory Authority has decided against it.
Gibraltar formally set out its stall today for the third-country QROPS market, with a pledge to maintain the highest standards.
Pension fund administrators are gearing up for the resumption of pension transfers to Gibraltar, in the wake of the news that legislation that is seen as making such transfers possible again was passed by Gibraltars Parliament on Friday.
The Gibraltar Parliament has paved the way for QROPS to return to the jurisdiction, by approving proposed amendments to its income tax legislation that, officials say, will satisfy the concerns of Britains tax authorities.
Manulife, the Canadian headquarter life insurance company, has launched MyChoice, a new retirement savings plan offering critical illness benefits.
The aggrieved clients of the Panthera ROSIIP QROPS have been granted a Group Litigation Order by the UKs High Court, allowing them to bring a case against HM Revenue & Customs in relation to the government departments decision to charge the clients a 55% tax charge on assets transferred to the scheme.
More than 120 investors who transferred their UK pensions into the Singapore based ROSIIP QROPS are taking legal action against HM Revenue & Customs after the Revenue threatened them with a 55% tax charge following its removal from the list of registered schemes in 2008.
The Gibraltar Parliament is today due to take its first look at a Bill which would introduce Qualifying Recognised Overseas Pensions Schemes to the jurisdiction.
A new QROPS strategy has been announced by Skandia International, as the company moves from a one provider arrangement with Guernsey based Concept Group, to a multi-jurisdictional structure.
Isle of Man-based QROPS provider Boal & Co. has re-launched its Select scheme, following the recent shake-up of the overseas pension rules by HM Revenue & Customs.
HM Revenue & Customs has told Guernsey officials that it is willing to reconsider allowing some "domestic" Guernsey QROP schemes that were delisted in April to regain their status, following negotiations with Guernseys Income Tax Office.
An organisation representing pension fund administrators in Gibraltar has released a statement praising the British overseas territorys proposed new tax regime for pensions.
The Guernsey income tax office is believed to be close to securing QROPS status from HM Revenue & Customs for domestic pension schemes.
The retirement funding gap, regularly at the top of the news agenda in the UK, is a global issue, according to a survey of advisers based around the world.
London & Colonial, the London-based investment products distributor and administrator, said it is reviving a long-harboured plan to establish a QROPS in Gibraltar, in the wake of news that the territory plans to amend its pension legislation in an effort to accommodate pension transfers.
Gibraltar has published a bill to amend its its pension regulations, as it seeks to revive its currently dormant QROPS industry confirming reports earlier this year that it was considering such a move.
SuperLife Ltd, the major New Zealand superannuation and financial services provider, has refuted a report that it is not accepting any more transfers into its Kiwisavers QROP scheme.
Pension industry experts today expressed surprise over the wording of newly-issued clarification by HM Revenue & Customs, of its decision to leave hundreds of QROP schemes off of its revised QROPS list last month.
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