Changes to pension tax laws
On 21 August 2015, the BILLET D’ÉTAT XVI 2015 (the “Billet”) published the long-awaited proposals to amend Guernsey pensions legislation in reaction to the new “flexibilities” introduced in April 2015 to the UK pensions regime. In this note we have set out more detail on how the changes work and some practical implications.
In a nutshell, the proposals are that:
RATS with funds transferred in from overseas pension schemes meeting certain criteria
RATS with funds transferred in from unapproved section 40(o) schemes
Guernsey residents with benefits in a “relevant overseas scheme”