Guernsey approves 30% tax-free lump sum to boost QROPS

The States of Guernsey, the Channel island’s parliament, has approved a measure to raise the pension commencement lump sum from 25% to 30%.

The move, plans for which were reported in International Adviser in August, means Guernsey residents and foreign members of Guernsey pension schemes can take a tax-free lump sum of up to 30% when they retire.

The main driver for the change is to make Guernsey’s pension rules as attractive as those of its Crown Dependency neighbours Jersey and the Isle of Man from an international perspective, primarily the QROPS market.

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http://www.international-adviser.com/article/guernsey-approves-30-taxfree-lump-sum-to-boost-qrops