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Thursday December 6, 2007



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Retirement trusts may take a step closer

By Christine Herbert

CHANGES proposed in tomorrow’s Budget, if approved, will enable Jersey residents to set up Retirement Annuity Trusts for the first time.

The amendments to the Income Tax Law, which were lodged in
October, are designed to provide a new alternative pension arrangement for Islanders, following the decision by Norwich Union earlier this year to close its pension book and annuities services to new Channel Island customers.
Norwich Union was the last UK large pension provider to offer products in the Island. The company said it was not cost-effective to market services here because the Jersey income tax requirements were different from the UK and the population was relatively small.

Published 3/12/2007

Further details can be found in the Jersey Evening Post, the Island's leading source of news, information and advertising, available from 12.15pm on Mon-Fri and 9am on Saturday.
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