Brendan Harper, head of technical services at Friends Provident International, said an amendment to the regulation test set out in the UK finance bill 2017 requires this system to be up and running by 6 April this year.
“While this requirement will have no impact on Isle of Man-based pension schemes, as a regulatory system already exists there, schemes based in Gibraltar are in danger of failing this test, if no system for regulating personal pension scheme providers is introduced by the April implementation date.”
But John Westwood, managing director of Blacktower Financial Management Group, said there was recent roundtable meeting at Gibraltar’s FSC to discuss the proposed Financial Services (Pensions) Regulations 2017 that “are ready to be implemented in April”.
The new legislation introduces two new regulated activities, which are establishing, operating and winding up a personal pension plan and also for occupational pension schemes.
The new legislation, he said, involves:
- Becoming a member of a personal pension plan or a specific personal pension plan (including and not limited to Qrops);
- Becoming a member of an occupational pension scheme;
- Transferring rights from one scheme to another; and,
- Taking benefits from a pension scheme.
Westwood said: “New pensions legislation will come into force on or before the 5 April 2017, therefore meeting the deadline set by HMRC.”
He added that Gibraltar regulated entities will have a grace period within which they will be required to apply for the additional licence, with an applications deadline of 5 July and the grace period ending by 31 December.
Update: Gibraltar’s government has since revealed that it will put in place personal pension regulations “on or before 31 March”.
