Thursday, February 3, 2011
The Guernsey Association of Pension Providers has published a Code of Practice as a guide for members on best practice in the establishment and operation of Qualifying Registered Overseas Pension Schemes (QROPS) in Guernsey.
While the adoption of the code is not mandatory for Guernsey providers, GAPP is to publish a list of providers that have implemented the 'best standards'. GAPP said the list would be upgraded 'from time to time' with inclusion being at its sole discretion.
The Code is intended to apply to QROPS established as Retirement Annuity Trust Schemes (RATS) although serveral of the principles will also be relevant to QROPS established as Occupational Pension Schemes or as Retirement Annuity Contracts.
GAPP has said that the Code, which can be viewed by non-members of the Association, takes into account best practice as at January 2011, and will be updated as regulatory and legislative changes, and evolution in best practice, necessitate.