Pension law may change after pull-out

Friday 12th January 2007, 12:00AM GMT.

MINISTERS and senior Treasury officials will meet leaders of the pension industry over the coming weeks in the wake of Norwich Union’s decision to pull their pension provision out of the Island.

The company’s decision to stop offering products to new customers in Jersey, Guernsey and the Isle of Man – announced this week – leaves Jersey without a pension provider. Chief Minister Frank Walker said that Treasury Minister Terry Le Sueur, assistant Chief Minister Ian Gorst, States Treasurer Ian Black and Comptroller of Income Tax Malcolm Campbell would be meeting pension agents and those involved in the business over the coming weeks. Senator Le Sueur said that changes would be considered to the Income Tax Law that prevents UK products being offered here. He said that they were discussing the position with financial advisers and considering amendments to the law ‘as a matter of urgency’.

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