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Horizon

Horizon Guernsey
Payments of Benefits

The scheme allows you to nominate when you commence taking your pension benefits which will be between ages 50 and 75 years of age unless the ill health provision is applicable. 

Benefit Payments: applicable to both individual and corporate scheme members.

Benefit Payments are able to be drawn via either:

  • A Lump Sum at commencement of retirement (currently up to 30% of the member’s funds assets), followed by regular benefit payments;
  • Regular benefit payments via either
    • Drawdown directly from the retirement fund in accordance with the set parameters* (See Note 1);
    • Purchase of an annuity contract through an insurance company;
    • Combination of the above.

Drawdown/Annuity quotations will typically utilise one of the following sources for calculations (See Note 1):

  • UK Government Actuary’s Department (“GAD”) Tables;
  • Annuity Tables on the UK Financial Services Authority (“FSA”) website;
  • Recognised insurance company quotation;
  • Alternative Government actuary tables according to currency and/or residency of Member as may be applicable;
  • Actuary Quotation (Cost of obtaining an actuary quotation will be borne by the Member’s Fund).

*All benefit payments are subject to rules/parameters as set out by the Guernsey Income Tax Authority. The rules relating to this are published on the Income Tax website at www.gov.gg

Note 1 Important Notice: As the Horizon Guernsey Pension Plan is a Retirement Annuity Trust Scheme (RATS), please note that:

“The lifespan of a member of a RATS, and the investment performance of the assets held in a RATS, are impossible to predict. As a result, once a member has started to draw down benefits from the RATS and depending on the level of benefits paid, the assets may be exhausted before the death of the member.”

Guernsey Financial Services Commission – The Retirement Annuity Trust Scheme Rules, 2010 and as amended.

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