It is important that Jersey pension schemes which receive transfers from UK pension schemes or other Qualifying Recognised Overseas Pension Schemes ("QROPS") comply with the requirements in the UK.
Failing which, the members in respect of whom the transfers have been made may be liable to pay penal tax in the UK of up to 55% of the amount transferred.
Please see below our briefing which explains the requirements that Jersey pension schemes must comply with in order to obtain or maintain QROPS status for transfers in respect of Jersey residents, especially in the light of the changes that were made to the QROPS legislation in 2012.
For further information please contact Nancy Chien.
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