Under the Pension Scheme and Gratuity Scheme Rules and Guidance 2020: Acting with Integrity (the "Rules") the Commission requires that persons conducting the regulated activity of the formation, management or administration of pension schemes or gratuity schemes, and the provision of advice in relation to the formation, management or administration of pension schemes or gratuity schemes under section 2(1)(e) of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 ("the Law") submit, in relation to each Scheme:
- an annual return, within six months of the Scheme Year End; and
- a quarterly return, within two months of the end of each quarter within a calendar year.
Quarterly scheme returns
For quarterly scheme returns relevant Licensees will have a period of 2 months to complete and submit the data to the Commission for Schemes within scope of the Rules. The information submitted in the quarterly return should be the latest available information held by the Licensee, i.e. the Licensee is not required to revalue the Scheme each quarter but, where possible, the Commission would encourage them to do so. The following confirms the information to be included in the quarterly scheme return:
- number of members of the relevant scheme, broken down between active members, deferred members, and pensioner members; and
- valuation of the Scheme.
Annual scheme returns
Annual scheme return will be introduced for Schemes with a Scheme year end date or an agreed reporting date on or after 31 December 2018 and relevant Licensees will have a period of 6 months to complete and submit the data to the Commission for Schemes within scope of the Rules. The Rules will be updated to reflect the extension of the submission period in due course. The following is a summary of the information to be requested in the annual scheme return:
- confirmation of scheme information including scheme classification (i.e. A, B, C or Gratuity), scheme description (i.e. defined contribution, defined benefit, hybrid) and investment direction (i.e. member directed, provider directed, third party directed), number of members of the relevant scheme, broken down between active members, deferred members, and pensioner members etc.;
- financial information of the scheme including confirmation of contributions, benefits and transfers out, income and expenses incurred in the period and the market value of the scheme at the year end; and
- investment information including the class (i.e. cash, listed equity, corporate bond etc.) and value of the investment held.
Guidance notes relating to the completion of the Form 127 Pension Scheme or Gratuity Scheme Annual Return can be found here.
Submission of returns
The quarterly scheme return and the annual scheme return will be submitted via the Commission’s Online Submissions Portal and a bulk upload will be available for Licensees with multiple schemes.