To enable the Guernsey Financial Services Commission ("the Commission") to regulate and supervise Pension Schemes and Gratuity Schemes ("Schemes"), the Commission requires1 relevant Licensees2 to complete the following regular data returns:
- With effect from the quarter ending 31 March 2018 the Commission will require the completion of a quarterly scheme return for Schemes within scope of the Rules3. Licensees will have a period of 2 months to complete and submit the data to the Commission;
- With effect from 31 December 2018 the Commission will require the completion of an annual scheme return for Schemes within scope of the Rules. Licensees will have a period of 6 months from the Scheme year end to complete and submit this data to the Commission.
All Returns will be submitted via the Commission's Online Submissions Portal and a bulk upload will be available for Licensees with multiple schemes.
In developing this approach the Commission has consulted with the Guernsey Association of Pension Providers ("GAPP") with the objective of minimising the impact on Licensees while enabling the Commission to hold data to ensure it can fulfil its duties as a regulator. As part of this dialogue the Commission has agreed to extend the submission period in respect of the annual return from 3 months (as set out in the Rules) to 6 months. The Rules will be updated to reflect the extension of the submission period in due course.
Additionally, the Commission will provide a mock-up of the annual scheme return to Licensees in January 2018 to allow Licensees a full year to prepare and collate this data.
Given that the first annual scheme return will not be due until 30 June 2019, and that the conduct risks arising from Pensions can be material, the Commission requires the completion of a quarterly scheme return for those Schemes within scope of the Rules, but has taken care to ensure that the data requested in this quarterly return is limited to confirmation of the latest available number of members (broken down between active members, deferred members and pensioner members) and the latest available valuation of the Scheme.
1 Section 23 of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 ("the Law").
2 Those holding a full fiduciary licence and permitted to carry on the regulated activity under section 2(1)(e) of the Law.
3 The Pension Licensees Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017