As confirmed in the news release of 15 December 2017 the Guernsey Financial Services Commission (“the Commission”) is to introduce data returns to enable the regulation and supervision of Pensions Schemes and Gratuity Schemes (“Schemes”).
In accordance with section 23 of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (“the Law”) the Commission requires those holding a full fiduciary licence and permitted to carry on 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 Law ("relevant Licensees”) to complete quarterly scheme returns with effect from the quarter ending 31 March 2018 for Schemes within scope of The Pension Licensees Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017 ("the Rules").
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.