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Jersey Chamber of Commerce

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Category: States of Jersey

Trivial Pension Commutation Consultation

Mar 31, 2023

The Minister for Treasury and Resources, Deputy Ian Gorst, is seeking views on the trivial commutation of pension funds from key stakeholders.

In some instances, an individual’s pension fund may never properly fulfil the intention to provide an income for life and may be eroded by charges. These funds should be capable of being realised in such circumstances by the individual. However, it has become apparent that, in certain circumstances, this ability to commute the whole fund value acts against the intention of a pension scheme to provide an income for life after retirement, and instead the fund could even function as a cash pot for the pension holder.

The consultation will seek feedback on the appropriateness of the thresholds for commutation, any conditions that should be met for the commutation to be allowable, and the consideration of the removal of Article 131CE(3). Revenue Jersey will collate and provide respondents comments on these proposals to the Treasury and Minister.

Please click here to read the consultation document.

The deadline for submitting feedback is the 17th May 2023.

Government of Jersey 

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