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Horizon Choice Pension Plan
Payment of benefits


You can nominate when you commence taking your pension benefits which will be between 50 and 75 years of age (Benefits prior to 50 years of age may be available if you are in ill health.).

If you choose an earlier retirement date then your accumulated fund may be smaller than if you had continued to contribute. As such, your accumulated fund may purchase a smaller annuity or fund a smaller pension than a later retirement date.

Benefit Payments are able to be drawn via either:

  • A Lump Sum at commencement of retirement (currently up to 30% of the member’s fund 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; or
  • 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).

Gower Pensions Management Limited as Trustee has undertaken to provide an income for life or until the member’s scheme assets are exhausted (see Note 1).

Benefit payments will be paid in accordance with the Guernsey Income Tax ETI scheme with tax deduced prior to payment in line with the member’s individual coding notice and allowance. Gower Pensions Management Limited as the Trustee will pay the applicable tax directly to the Guernsey Income Tax office.

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.

Note 1 Important Notice: As 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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