New Pension Scheme Could Bring More Business to the Island

A new type of pension scheme approved towards the end of October is hoping to bring some significant business opportunities to the Island.

The government approved the new pension legislation to pave the way for 'qualifying recognised overseas pension schemes', or Qrops. This would enable non-island residents to move their pension funds here.

In the prior schemes run on the Island non-residents had to pay a 20% withdrawal tax if they wanted to take out a 30% cash lump sum, this has now been reduced to zero.

With this in mind it's thought the scheme will greatly appeal to expatriates especially.
  
There is still one hurdle however and that is that the scheme is granted Qrops status by HM Revenue & Customs.

It's thought if all goes to plan it could not only bring in business to the Island but could also generate more jobs.