Last week saw a day of working sessions to build up expertise in the area of pensions. "Gibraltar has risen to be one of the top pension fund administraton jurisdictions over the last 18 months...
Pension fund administrators in Gibraltar will soon be able to offer qualifying non-recognised UK pension schemes (QNUPS) to individuals with UK tax obligations who have left the UK for good, reports International Adviser.
Following consultations with the Gibraltar Association of Pension Fund Administrators (GAPFA) and HM Revenue & Customs, the Gibraltar government is planning imminently to tweak its legislation to enable QNUPS structures to be set up for the first time in the British overseas territory, according to an announcement released today...
Pension professionals in Gibraltar will soon be able to offer Qualifying Non-UK Pension Schemes (QNUPS) from Gibraltar. The Gibraltar Government has, in consultation with the Association of Pension Fund Administrators (GAPFA), worked to enable the sector to offer Gibraltar QNUPS. Discussions then took place between the Government of Gibraltar and HM Revenue and Customs (HMRC) in the United Kingdom.
Albert Isola, Minister for Financial Services said: "This really is good news. The ability to provide QNUPS from Gibraltar builds on the success of our QROPS business established over the past 18 months."
The minister thanked Senior Executive Michael Ashton for his efforts in delivering this important product for Gibraltar and also his predecessor, Gilbert Licudi, for the initiative and support he provided in the introduction of the earlier QROPS initiative, which this now follows.
"We will shortly be introducing an amendment to the legislation to allow QNUPS from Gibraltar" Mr Isola said.
"This is a further step in establishing Gibraltar as international pensions center..."
The Gibraltar Association of Pension Fund Administrators (GAPFA) once again welcomes the further initiatives taken by the Gibraltar Government to encourage international pensions to be administered by Gibraltar regulated Trustees.
The Government of Gibraltar is consulting its pensions and trusts industries on new regulations that would be aimed at the jurisdiction’s pension fund and QROP scheme administrators.
QROPS industry sources said the government was understood to be looking to tighten up on the way qualifying recognised overseas pension schemes (QROPS) are set up and run in the British overseas territory, as the number of such schemes has grown to 33, more than three times as many as it had two years ago.
A further meeting of GAPFA members and the Commissioner of Income Tax was held today to finalise the new Guidance Notes for Imported Pensions. It is expected that these clear and concise notes will be issued by the end of April. These will also include various forms to simplify the reporting procedure.
GAPFA has also committed to issuing and following an 'industry' Code of Practice for all practitioners dealing with imported pensions. A revised version will be issued shortly after the Guidance Notes so that the two work hand in hand.
GAPFA strongly supports full compliance in the provision of a pension and trust regulated business and will continue to work with all Regulatory bodies to ensure Gibraltar remains a long term and secure jurisdiction to manage pensions, with beneficiaries based throughout the world.
Gibraltar professionals are to be on alert for potential pension busting schemes being transferred in from other jurisdictions that exceed limits of cash distribution set by the Government and UK Inland Revenue.....
HMRC, the UK tax authority, has after three years of uncertainty, given the green light in writing to Gibraltar pension fund administrators to recommence offering QROPS (Qualifying Recognised Overseas Pensions Schemes).....
Read Income Tax (Amendment) Act 2012
Universal adoption of an Approved Code of Practice for importation of UK expatriates’ personal pensions schemes has emerged as the cornerstone of Gibraltar’s bid to gain significant new business for the finance sector.
The move by members of the Gibraltar Association of Pension Fund Administrators (GAPFA) was revealed by chairman Steven Knight at a sector seminar, Gibraltar QROPS – Care, Compliance and Certainty, attended by more than 80 professionals today (Wednesday, 27 June 2012).