This plan is designed for Guernsey residents and/or companies who wish to save for retirement and/or draw benefit through a cost effective multi‑member retirement annuity trust scheme. This scheme is designed as an entry level retirement annuity trust and is structured to deliver an affordable vehicle for individuals and companies to utilise to save for benefit in retirement. The scheme is designed to facilitate a smaller pension up to approximately £50,000.
This scheme is approved under section 157A and 150 of the Income Tax (Guernsey Law) 1975, as amended, thus allowing contributions to receive tax relief in Guernsey in line with the parameters as set out by Guernsey Income Tax. Benefits will be taxed in accordance with an individual’s income tax coding and personal allowances.
As a multi‑member scheme with one master Trust Deed, a “Member‘s Fund” is established for each “Member” and is segregated from other Members’ assets and held for the benefit of the designated Member only.
The Horizon Guernsey Pension Plan is open to anyone over 18 years of age and normally under the age of 75 years who is a Bailiwick of Guernsey resident on establishment.
Details particular to Corporate Schemes:
Some corporate schemes may wish to include particular qualifying periods or defined parameters for their employees whilst in employment such as:
- Defined period for employee eligibility for joining the scheme;
- Defined period for minimum employment service before benefits may be taken / transferred;
- Defined minimum normal retirement age for the scheme in line with the company policy before benefits may commence whilst the member is still under the employment of the company.
As an individual’s fund grows they may consider transferring out of this scheme to either another Horizon Range multi‑member scheme or their own bespoke RATS which would allow them greater flexibility in particularly with regard to investment choice (additional asset classes and wider investment manager / fund choice) and/or loan arrangements from their retirement fund.
Gower Pensions Management Limited (GPML) often work alongside financial and professional advisers. GPML does not offer advice whether financial, investment, legal or tax advice. Applicants are recommended to obtain appropriate advice (tax, investment, legal and financial) prior to proceeding with a Plan.