Call for pension regulation in Jersey03 Nov 2016
Speaking at the recent Jersey Pensions Association conference, Bedell Cristin's Nancy Chien highlighted the need for pension regulation in Jersey.
As chairman of the Jersey Pensions Association (JPA), Nancy and the committee hosted the inaugural conference to debate pensions issues and raise awareness of the importance of pension planning at governmental level.
QROPS (Qualifying Overseas Recognised Pension Schemes) were a hot topic, having been available to non-Jersey residents since January 2015. The most recent States review updated the law to allow both local and international pension arrangements. 'By treating non-residents in the same way as residents, it has opened up opportunities for QROPS, which is exciting for Jersey,' Nancy commented during her speech.
Another topical debate included the pensions 'freedoms' that were introduced in the UK last year, allowing people with private pensions to take out their full pot once they reach the age of 55. Paul Eastwood, deputy comptroller of taxes, said that the department had been lobbied by some members of the public to introduce the same changes for Jersey residents. He said that no decision on this had been made as they are 'still watching the impact of the decisions that people are making on retirement and whether they are saving more'.
During the conference, Social Security Minister, Susan Pinel, announced an Island-wide consultation on States pension benefits.