Blue Riband QROPS

What is the Blue Riband QROPS?

The Blue Riband QROPS is part of the Blue Riband Guernsey Retirement Annuity Trust Scheme, a pension scheme established under trust in Guernsey and tax-approved in Guernsey under the Income Tax (Guernsey) Law 1975. It is managed by BWCI Pension Trustees Limited and is registered with the UK tax authority HM Revenue & Customs (HMRC) as a Qualifying Recognised Overseas Pension Scheme (QROPS).

What is a QROPS?

The UK Government changed its tax regime for pensions in 2006 and UK pension funds can now be transferred to any Qualified Recognised Overseas Pension Scheme (QROPS) in any location. QROPS are overseas schemes that are registered with HM Revenue & Customs (HMRC) and meet its benefit and reporting requirements.

What are the advantages of transferring to a QROPS?

Transferring benefits from a UK pension scheme to a QROPS may provide significant tax advantages. In addition, individuals are likely to find they have greater flexibility over the form of their retirement income, together with wider investment opportunities.

What are the advantages of transferring to Guernsey?

Guernsey is a well regulated and highly regarded finance centre. The States of Guernsey Income Tax Department has worked closely with HMRC to ensure Guernsey QROPS obey both the letter and the spirit of the QROPS legislation.

For further information on the Blue Riband QROPS please contact us at blueribandqrops@bwcigroup.com or telephone +44 (0) 1481 728432.