Under The Pension Scheme and Gratuity Scheme Rules and Guidance 2021 ("the Rules") the Commission requires that persons conducting the regulated activities 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, 2020 ("the Law") submit, in relation to each Scheme:
- pension statistical returns with effect from 30 June 2022, for submission by 31 August 2022; and
- annual scheme returns for all Schemes within the scope of the Rules.
Pension statistical returns
Licensees must each year, for each Scheme, submit a Pension Statistical Return (Form 128) providing information as at 30 June, for submission by 31 August. The information required on the Form 128 includes:
- 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 returns have been introduced for Schemes with a Scheme year end date or an agreed reporting date on or after 31 December 2018 and relevant Licensees have a period of 6 months to complete and submit the data to the Commission for Schemes within scope of the Rules. 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 annual scheme return and the pension statistical return will be submitted via the Commission’s Online Submissions Portal and a bulk upload will be available for Licensees with multiple schemes.