CHANGES to the Island’s Income Tax Law could be fast-tracked through the States in an attempt to attract pensions companies.

As reported yesterday, Norwich Union, the last remaining provider of insured pensions for Jersey residents, has decided not to take on any more new pensions and annuities business from 1 February. The decision also affects Guernsey and the Isle of Man. All existing customers will continue to be serviced and existing group schemes will be able to take on new members. But Islanders wanting to start a personal pension, or buy an annuity with their pension pot – as required by law before the age of 75 – will have very limited options. The numerous schemes available in the UK are not valid in Jersey under the current Income Tax Law. Norwich Union, part of the Aviva Group, say that following a host of regulatory changes in the UK it is no longer commercially viable for them to continue selling a different set of products to the relatively small market.