Global Vision, Local Wisdom
Global Vision, Local Wisdom
If you are a trustee of a Jersey approved pension scheme then you will probably have received a letter recently from the Jersey Income Tax office, providing notification of the consultation on proposals to regulate the administration and management of pension schemes. Currently Jersey is the only Crown Dependency not to have any form of pension regulation, but probably not for much longer.
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Various countries, but particularly those in the Gulf region and Latin America, require employers to pay end-of-service gratuities or termination indemnities, when an employee leaves employment. The amounts and conditions attached to these mandatory payments vary widely, with many jurisdictions using a defined benefit type formula reflecting the number of years of service and salary.
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The Quarter 4 - 2018 edition of Bandwagon provided a high level overview of the 2019 budget changes and illustrated the impact, for different levels of taxable income, of the changes in the phasing out of personal allowances between 2018 and 2019. These changes come into effect from the 2019 tax year and anyone with taxable income of £100,000 pa or more will be affected, to some extent, by the tapering of the tax relief.
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In the Quarter 4 2017 edition of Bandwagon we looked at the implications of the significant reduction in the discount rate used for damages claims in UK Courts, from 2.5%pa to -0.75%pa (a change of 3.25% which pushed up compensation claims substantially). The subsequent insurance industry challenge to this material change has resulted in reforms introduced by the Civil Liability Act 2018.
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Since the signing of the Paris climate change agreement in 2015 we have been encouraged to be more aware of the way we treat the environment and protect the world for future generations. Social investment is one way in which we may be able to make adequate retirement provision whilst also contributing to positive changes both in our community and throughout the world.
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