Offshore Review: Destination Guernsey

Until 2006 non-UK residents who had historic UK pension entitlements could only transfer those funds offshore under certain limited circumstances which were usually linked to their employment. Where they did not meet the specific exemption, they had to keep their pension funds within the UK system even if they had no other ongoing link to the UK. This created concerns over the movement of capital within the EU, and a new system to allow a more flexible pension transfer process for non-UK residents was developed. The new Qualifying Recognised Overseas Pension Scheme (QROPS) arrangements w...