30% lump sum and other legislative changes approved by Guernsey Parliament

On the 25th November 2010, The States of Guernsey approved pension legislative changes proposed by the Treasury and Resources Department. The changes reflected a "modernisation" excersise tidying up pension arrangments in light of competitor jurisdictions' arrangements and removing historic idiosyncrasies. Proposals accepted include a simplified application process, maximum lump sum increase to 30% of fund value, trivial commutation of small pension up to £30,000, de-linking pension benefit and annuities from commutation lump sum along with a number of other limit, contribution and relief changes impacting local pensioners and levelling the position between occupational and personal pension plans. For full details click here.