Guernsey is home to numerous firms providing international pension services within a regime conforming to international regulatory standards.
Guernsey’s supervisory regime for Pension Schemes, Gratuity Schemes ("Schemes") and their respective providers conforms to international regulatory standards. The sector is home to numerous international and local firms providing international corporate and group services.
Guernsey’s supervisory regime ensures that the formation, management or administration of Schemes, and the provision of advice in relation to them, is a regulated activity. This was introduced through amendment of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law 2000 (“the Law”) in 2017.
With the advent of regulation in relation to the formation, management or administration of Schemes and the provision of advice in relation to them, the current two categories of fiduciary licence remain unchanged:
- A full fiduciary licence can only be granted to a company or a partnership.
- A personal fiduciary licence can only be granted to an individual and authorises the holder to carry on a restricted range of fiduciary activities. Those include acting as a company director, as trustee (but not as a sole trustee), and as executor of a will or administrator of an estate and as a foundation official for foundations.
In order for individuals and entities to be granted a fiduciary licence which will enable them to carry on pension scheme business or gratuity scheme business, they must meet the minimum criteria for licensing set out in Schedule 1 of the Law. This obligation continues on an on-going basis.
Details of current licensed pension scheme and gratuity scheme providers are available on this website under Regulated Entities.
Approach to Supervision
Under PRISM the Fiduciary Supervision Policy and Innovations Division carries out full risk assessment visits and engagement visits to all licensees with an impact rating of Medium Low, Medium High or High. In addition the Division undertakes prudentially focused thematic work across licensees in all impact categories.
Licensed pension scheme and gratuity scheme providers will be required to submit:
- quarterly scheme returns with effect from the quarter ending 31 March 2018; and
- annual scheme returns with effect from 31 December 2018 for all Schemes within the scope of The Pension Licensees Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017 ("the Rules"). Further details can be found by clicking here.
These returns are required to be completed in addition to the following returns and will appear on the timeline, if applicable, when a licensee accesses the Online Submissions Portal:
- The Annual Return covers the period from 1 July to 30 June and must be submitted by any person who holds a fiduciary licence on 30 June by the deadline date of 31 August.
- The Audited Financial Statements and Statistical Return must be submitted by all persons holding a full fiduciary licence within four months of the licensee’s accounting reference date.
- The Financial Crime Risk Return is used by the Commission to gather important information and statistical data to assist the Commission in identifying and assessing financial crime risks within the Bailiwick of Guernsey’s finance industry. It covers the period from 1 July to 30 June and must be submitted by the deadline date of 31 October.
Licensed pension scheme and gratuity scheme providers are required to use the Online Submissions Portal to notify the Commission of the establishment of a new Scheme in accordance with section 10.5.1 of the Rules using a form 233 and are requested to make other notifications, such as the revocation of a Scheme or the transfer of a Scheme, using a form 200 pending the development of bespoke forms.
A list of notifications that can be submitted through the Online Submissions Portal can be found here:
Current forms list
Where an individual is appointed as or ceases to be a controller, director, partner or manager of a licensee which holds a full fiduciary licence, he or she is required to notify the Commission using the Online PQ Portal.