HMRC's proposed amendments to the QROP regime, expected to take effect from 6 April 2012, impact significantly on Guernsey's ability to operate pension schemes that are able to accept transfers from UK registered pension schemes.

QROPs providers must consider what action they should take in respect of the schemes they administer as soon as possible. Specifically, providers should consider whether to convert schemes to the proposed new section 157E pension scheme by 6 April 2012.

Applications for scheme conversion must be submitted by 16 March 2012.

Collas Crill can help QROPs providers decide whether it is appropriate to convert, or what other options there might be. If the decision is taken to convert, we can help ensure documentation is amended appropriately.

In the more detailed briefing below, Karen Farman explains what the issues are and what solutions are proposed.