An article by Roger Berry, Managing Director of Concept Group Limited.
- No ongoing reporting to HMRC
- Benefits are paid gross out of Guernsey, irrespective of country of residence of the member, no reliance on tax agreements, as in Malta and no 2.5% tax as in Gibraltar
- 30% Pension Commencement Lump Sum (“PCLS”) can be taken
- Loans may be given to members
- Wide investment choice, e.g. not restricted as in Malta
- Flexible Access to lump sums possible, not available in Gibraltar
- Flexible benefits options, drawdown and annuities
- Designed to meet QNUPS requirements and therefore potentially exempt from IHT
- Death benefits paid out gross of tax in Guernsey
- Capable of receiving transfers in from other delisted QROPS and current QROPS if certain criteria is met
- Contributions can be made to the scheme.
This can be a complex area on which professional advice should be taken. The above statement is a simplified summary answer.
If you have further questions, please do not hesitate to contact us on firstname.lastname@example.org.
Concept or Concept Group means Concept Group Limited, Concept Trustees Limited and any other group or associated companies. Concept does not provide financial nor tax advice and nothing in this summary should be construed as such, nor shall they be held responsible for any liability or loss arising directly or indirectly from any reliance placed upon the content of this summary.
The information in this summary is based on our understanding of current laws and practices, both of which are subject to change. Whilst every effort has been made to ensure the information is correct, Concept cannot accept responsibility for its interpretation, or any future changes to law and practices in any relevant jurisdiction, some of which may have retrospective effect.
Concept Group are licensed under the Regulation of Fiduciaries, Administration Business and Company Directors etc (Bailiwick of Guernsey) Law, 2000 and are regulated by the Guernsey Financial Services Commission.