Concept is very much aware that there is currently considerable speculation and in parts some misinformation in the marketplace concerning flexible access to pensions, the UK changes taking effect in April 2015, the taxation of such flexibility and the ability to transfer out of Guernsey schemes in the future.

Unfortunately, legislative announcements from the UK do not include any guidance on how pensions flexibility will be taxed for overseas schemes post April 2015.  We also are unaware what flexibility overseas schemes will actually offer.  We are aware that in Gibraltar and Malta legislative changes have occurred to allow QROP scheme providers to reflect UK flexibility but as yet no providers have announced what flexibility they will offer, using what process or at what cost.

In Guernsey, providers have been in discussions with local Government as to what changes will provide the best options for members of Guernsey schemes. Some form of flexibility is expected and it is highly unlikely that any form of general restriction would be imposed by Guernsey authorities on transfers out, contrary to some misinformation being circulated by competitor schemes in other jurisdictions.