What does the future hold for Guernsey and the QROPS market?


What does HMRC's controversial new list of approved QROPS schemes mean for the overseas market?

Two weeks ago, HMRC took a decision that stunned anyone involved with Guernsey pensions. Following a review of the offshore market, HMRC struck off over 300 Guernsey schemes from their approved QROPS list, leaving only three in place. The former market leader, who took a third of all overseas pension transfers last year alone, can no longer look after UK expats' pensions. This was a hard blow for a jurisdiction that prided itself on good practice and enjoyed strong ties with the revenue. Even worse, Guernsey Association of Pension Providers (GAPP) had lobbied local government to meet con...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes



Already a Professional Adviser member?


More on Retiring Abroad

MPs call for criminal investigation into BSPS transfer advice

'A message has to be sent'

Hannah Godfrey
clock 10 April 2019 • 2 min read

A place in the sun: Retiring overseas requires careful tax planning

Retirement overseas requires careful tax planning

Jason Porter
clock 05 May 2015 • 4 min read

Retirement planning: What should expats be looking at?

Adam Wrench looks at some of the opportunities and pitfalls for expats returning to the UK

Adam Wrench
clock 23 May 2014 •