Pension Wizard
Gower offer a wide range of pensions - use our Pension Wizard to help you decide which pension best suits you or your client’s needs.
Are you a financial adviser?
Are you arranging a company pension or personal pension?
Is the pension for a Guernsey Resident?
Would you like to transfer an existing UK registered pension?
Is there a requirement for a supplementary pension which meets the UK’s ‘Qualifying Non-UK Pension Scheme’ (QNUPS)?
Company Pensions
Further information on company pensions can be found here:
Retirement & Savings Plans for Companies
QROPS
You will require a scheme that is QROPS accepted and therefore able to accept UK transfer funds.
Horizon QROPS Plans
Additional Contributions: It is normally recommended that further contributions from Guernsey tax relieved monies are kept separate from the UK registered pension transfers. As QROPS schemes may not benefit from the full opportunities offered to other Guernsey approved schemes i.e. lower retirement age and additional asset classes. It might be worth considering funding segregation at the outset.
A Guernsey resident member may consider opening up a separate arrangement for Guernsey contributions which benefit from Guernsey tax relief; with Member Benefit Payments being subject to Guernsey Income Tax in line with the member’s Guernsey personal allowance at the time i.e. a 157A scheme.
Both arrangements allow member's pension fund to grow free of Guernsey Tax.
Pensions For Guernsey Residents
When deciding which Guernsey pension solution is most appropriate, the following considerations will need to be made:
- Is an entry level pension solution required for regular retirement savings through a structured investment model.
- Is a bespoke pension solution required allowing greater flexibility with regard to regular and ad-hoc contributions; consolidation of several pensions; greater investment choice and asset classes.
Horizon Guernsey Pension Plan
Multi-Member - 157A; Open to Guernsey Residents Only & Suitable for Guernsey Companies (including section 150)
An entry level retirement plan via a multi-member scheme and pooled investment approach, with two structured investment options.
Bespoke RATS Guernsey
Individuals / Families – 157A; Guernsey Residents
A bespoke/tailored retirement plan for individuals and/or families with open architecture investments which is able to hold both standard and non‑standard assets classes.
Tax Considerations
Both of the above solutions will benefit from tax relief on contributions into the plan, with benefit paid in line with an individual’s allowance.
With recent changes to Guernsey Income Tax Law it is now possible for Guernsey residents to benefit from retirement solutions that pay benefits gross, free of Guernsey Income Tax. No tax relief is given on contributions, though the schemes will grow free of Guernsey Tax. Please contact us to discuss further.
QROPS
You will require a scheme that is QROPS accepted and therefore able to accept UK transfer funds.
QROPS schemes administered by Gower Pensions Management Limited may utilise Trustees and schemes which are based outside of Guernsey.
Additional Contributions & Non-UK tax relieved transfers:
Further contributions to QROPS accepted schemes will generally be made gross with no tax relief. Tax on benefit payments will depend on the
jurisdiction of the QROPS and residence of the Member.
Horizon International QROPS Plans
Alternative for Significant Additional Contributions & Non-UK tax relieved transfers:
It may be worth considering separating QROPS (UK tax relieved money) and non-tax relieved money to ensure maximum benefits are provided to the Member.
Additional contributions or transfers which do not require QROPS status could be placed in either a QNUPS structure or a Retirement Savings vehicle.
The scheme chosen will depend on the individual’s circumstances and requirements.
Horizon QNUPS Plans
Vision International Retirement Savings
QNUPS
You will require a scheme that is QNUPS compliant.
There is a choice of plans depending on your investment & asset class requirements:
i.) Standard Assets:
- cash deposits and/or fixed income securities;
- equities (on recognised exchanges);
- collective investment unit trusts and funds;
- life policies.
ii.) Non-Standard Assets:
- private company shares;
- residential and/or commercial property;
- land;
- secured loans.
Please note that certain non-standard assets (i.e. property) will be required to be held via a corporate structure.
Please note that Option i) above is available to all QNUPS plans, but option ii) above will normally be restricted to bespoke solutions, The Horizon QNUPS Plus.
Horizon QNUPS
Vision Retirement Savings Plan
Depending on your individual circumstances then a retirement savings plan vehicle may meet your requirements.
These schemes generally offer greater flexibility with regard to investment options and asset classes and when benefits can be taken. The schemes are not subject to strict parameters and rules like approved schemes such as QNUPS and QROPS.
These schemes are open to non-Guernsey residents who are afforded exemptions under section 40ee of Guernsey Income Tax Law.
For example the retirement age is not defined and these parameters are normally agreed by the applicant and the Trustee prior to establishment.