Close Private Bank has become the first private bank provider of local Guernsey pensions to be appro...
Close Private Bank has become the first private bank provider of local Guernsey pensions to be approved under the Qualifying Recognised Overseas Pension Scheme (QROPS) rules in the UK.
Robbie Moore, business development manager at Close Private Bank, said the move demonstrated the group's continued commitment to providing pension solutions to individuals resident in Guernsey.
"It also demonstrates the quality of our pension plan in that we believe our application is the first Guernsey scheme of its kind to be authorised," he said.
Moore said Close is the only multi-national blue-chip company to provide a retail pension scheme managed and administered in Guernsey and is the only private bank to have made a dedicated commitment to service the community regarding local pension provision.
The Guernsey Personal Retirement Plan, which is a version of the locally popular Retirement Annuity Trust Schemes (Rats), is available via licensed financial advisers.
It is understood that the main benefit of the successful application is that individuals who have moved to Guernsey or are in the process of moving to the island can transfer their existing UK pensions to Guernsey and consolidate their pensions under a single plan.
Moore said: "Following changes to UK pension legislation earlier this year (A-Day), there has been a sense of confusion and frustration for local advisers because they have been unable to assist their clients with UK transfers.
"Many people who have moved to the island still hold pensions in the UK and it would often be appropriate to make a transfer to a Guernsey pension.
Moore concluded: "As a result of our approval, the process for making a transfer is now straight forward. It still remains vitally important to seek professional financial advice before making any pension transfer."
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From 1 March