UK pension transfers still possible for Guernsey residents
It is well known that Guernsey was a popular destination for transfers from UK pension schemes until the UK government made changes to the QROPS regime in April 2012. But these changes only targeted non-Guernsey resident individuals and it is not so well known that it is still possible for Guernsey resident individuals to transfer benefits from a UK-registered pension scheme to a suitable Guernsey pension scheme.
Guernsey is a preferred destination for individuals relocating from the UK and there are also many Guernsey nationals who move to the UK to work but then return to Guernsey later in life. For these individuals the option exists to transfer their UK-registered pension schemes to a suitable Guernsey pension scheme and many still choose to do so.
Often the motivation for transferring will be to work with a locally based provider and financial adviser. Other popular reasons include gaining access to investment options available in Guernsey and helping to simplify ongoing affairs by cutting ties with the UK.
Sovereign Pension Services (CI) Limited has a tax-approved multi-member scheme – the Sovereign Retirement Annuity Trust Scheme – which is also an HMRC-listed Qualifying Recognised Overseas Pension Scheme (QROPS) and can therefore receive authorised transfers from a UK-registered pension scheme.
The Sovereign Retirement Annuity Trust Scheme is open solely to Guernsey-resident individuals and anyone transferring benefits from a UK-registered pension scheme will need to have taken the appropriate financial advice, potentially in both the UK and Guernsey.
For more information on Guernsey resident individuals transferring from a UK-registered pension scheme to a Guernsey pension scheme, please contact Sean Gillease, Managing Director of Sovereign Pension Services (CI) Ltd., by phone at +44 (0)1481 742229 or by email below.