Why are the changes being introduced?

Why?

A number of reasons have been cited for introducing the new framework including:

  • To meet recognised best international practice and expectations, as set out in the International Organisation of Pension Supervisors' (IOPS) Principles for Private Pension Supervision and the OECD Guidelines for the Regulation of Private Pensions
  • To modernise the regulatory framework for Guernsey pension schemes and their providers to keep up to date with changes in pensions regulations in other jurisdictions (including the UK) and to improve Guernsey's competitive position
  • To protect members of Guernsey pension schemes (and their families) and other consumers
  • To protect and enhance Guernsey's reputation as an international finance centreĀ 
  • To enable Guernsey pension providers to market a 'regulated product' internationally
  • In anticipation of the Secondary Pension Scheme to be introduced in Guernsey (which is expected to be established in 2020)
  • To potentially enable some exemptions to CRS reporting (which for Guernsey starts on 30 June 2017, although this deadline has effectively been extended to 31 July 2017) where relevant criteria applicable to pension schemes can be met
Guernsey's new framework will enable pension providers to market a regulated product internationally