Mike Ashton, senior executive, Gibraltar Finance, said: “The reason they have not been published earlier was that we considered it prudent to wait until the new UK legislation derived from the Overseas Pensions consultative document had itself been published, reports International Adviser.
“The publication of Statutory Instrument No 398 of 2017 last week has enabled the new regulations to be finalised in the knowledge they reflect the latest UK position. The regulations will be published on or before 31 March 2017.”
The Government of Gibraltar has been working closely with both the Gibraltar Financial Services Commission and the local pensions sector to ensure Gibraltar’s pension regulations are in place prior to the changes that will be introduced on 6 April 2017, he added.
“It is critical that all Gibraltar’s Qrops currently ‘recognised’ by HMRC retain their status on 6 April.”
An amendment to the regulation test set out in the UK finance bill 2017 requires these regulations to be up and running by that 6 April date.
There have been industry concerns that Gibraltar is in danger of failing this test.