15:50 7th March 2012

Income Tax Amending legislation providing a new pension regime for Guernsey passes its first reading in the States of Guernsey's House of Deliberation. The second and final reading by the Legislative Review Committee is expected within three weeks, thus enabling Guernsey QROP schemes to meet the draft regulations on QROPS issued on 6th December 2011 and in particular the proposed new Condition 4. If HMRC overseas pension scheme regulations come into being as drafted on the 6th April 2012 it is expected that Guernsey QROP schemes, like Aurora, will vary their deeds to adopt the new regime, providing a seamless move for members whilst meeting HMRC requirements.

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