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Gibraltar FSC Reviewing Private Pensions Rules

by Jason Gorringe, Lowtax.net, London
05 June, 2015

The Gibraltar Financial Services Commission (FSC) has published a consultation paper on proposed changes to the regulation of personal pension schemes.

The FSC said the paper was developed at the request of the Government of Gibraltar and is designed to support the further development of the market for personal pensions and ensure that personal pensions continue to be subject to appropriate regulation and investor protection.

The proposals are based on the meetings of a pensions working group, comprising representatives from the FSC, the Government, the Income Tax Office, and the pensions industry.

The working group said the proposals recognize the importance of continuing to strengthen Gibraltar's pensions regime, particularly given the recent fundamental changes to the United Kingdom's personal pensions regime.

Views are being sought on the proposed regulatory framework and approach to personal pension schemes over a six-week consultation period, which will end on July 14, 2015. The FSC intends to proactively engage with the industry during this period.

Gibraltar's Minister for Financial Services and Gaming, Albert Isola, said: "This is an opportunity to further develop the pensions market in Gibraltar, and as with everything we do it is important that we strike the right balance between effective regulation and remaining a jurisdiction which is open for business and welcoming of quality operators and innovation in this field."

Samantha Barrass, FSC Chief Executive Office, said: "The FSC is committed to supporting the development of the framework for pensions to ensure consumer protection and safeguard the reputation of Gibraltar financial services center. We look forward to engaging with all interested parties on these important matters for the pensions market."

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