03 January 2018
Further pension changes in Jersey
Although the Jersey tax approval regime was amended substantially with effect from 1 January 2015, the Finance (2018 Budget) (Jersey) Law (the " Budget Law") has introduced four further changes relating to Jersey pensions, which came into effect on 1 January 2018.
In summary, the four changes are:
- the maximum limit for the commutation of trivial pensions has increased from £30,000 to £35,000.
- the small commutation provisions have been amended and extended.
- there is now specific provision for bulk transfers as between approved Jersey occupational pensions schemes.
- an anti avoidance measure has been introduced in relation to certain overseas transfers.
To read more, please download the pdf.