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Callum Beausire

Tracing Lost UK Pensions

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We frequently come across advisers assisting clients who, for whatever reason, are unable to trace an existing UK pension.

This could be as a result of changing employment, having lost the scheme documentation, or simply because so much time has passed since the client was in the scheme that they can no longer recall any details of it.

In an effort to try and assist advisers who might encounter such an issue, the below few sources/references may be of use:

Firstly, the Money Advice Service provides some useful information and tips for anyone who has lost a UK pension, which would be worth sending on to any clients you might come across who find themselves in this position. (Read more).

The Government’s online system for tracing lost UK pension schemes also may be able to assist. (Read more).

Finally, the Pensions Advisory Service offers assistance for individuals who have lost their UK pension schemes, so contacting them may also be worthwhile. (Read more).


The States of Guernsey has agreed in principle the introduction of a secondary pensions regime

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The States of Guernsey has agreed in principle for the development and introduction of a secondary pensions regime in Guernsey.

This decision has been taken following an outline proposal which was put together by the Social Security Department as a result of the March 2015 States debate on the Personal Tax, Pensions and Benefits Review.

Much of the detail has yet to be determined on the secondary pensions regime, but in basic terms employers in Guernsey would have a legal duty to enroll their employees into the new secondary pension scheme, or into another qualifying scheme. Employees can choose to opt-out, but experience from elsewhere suggests that most people who have been enrolled into the pension scheme will stay in.

Further information can be found here.

If you are an employer and/or an individual and wish to discuss how the proposed secondary pensions regime could impact you, please call a member of our Sales team who will be happy to speak with you.

New Rat rules take effect at end of the year

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Revised rules for retirement annuity trusts will now come into force from 31 December, the Guernsey Financial Services Commission has announced.

The commission pulled a set of rules at a late stage following a review and has made one change to the new list.

The revised rules were issued for comment following a consultation last year.

The objective of the review was to determine whether changes could be made to the rules on the pension product which might reduce costs and open up opportunities for the development of self-invest pensions without any reduction in the protection available to a member.

The objective of the review was well received by industry and the public at the time.


Via: Guernsey Press, Wednesday 9th December 2015

Guernsey Finance Appoints Non Executive Director of Concept Group, Lyndon Trott, as New Chairman

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The Board of Guernsey Finance has today announced that Concept Group’s Non Executive Director, Lyndon Trott, will be appointed as its Chairman with effect from 1 December. Mr Trott will replace Jim Gilligan, who is retiring as Chairman having held the position since 2006.


“I am delighted to have been invited by the States of Guernsey and the Guernsey International Business Association (GIBA) to support the promotion of Guernsey’s finance sector in this way,” said Mr Trott.

“Guernsey has a very strong offer – quality, stability, expertise and substance. Our banking sector remains strong, we’re a world leader in insurance and trusts and we have a powerful funds sector that drives investment into the UK and Europe”.

As well as sitting on the board of leading Guernsey-based fiduciary company Concept Group, Mr Trott was elected as Guernsey’s first Treasury Minister in 2004, and then progressed to become the jurisdiction’s youngest and longest-serving Chief Minister to date in 2008, a position he held until 2012. He has combined his 16-year political career with 30 years in the financial services sector.

Concept Group Managing Director Roger Berry said: “We are delighted that Lyndon has been appointed as the new Chairman of Guernsey Finance. As Concept’s longest standing Non Executive Director we have had the pleasure of working closely with Lyndon for many years.  He has wide industry experience, but it is his natural gravitas combined with a disarming charm and humour that give him the ideal tools to act as ambassador for the Island’s finance industry. Concept Group is fully committed to supporting Lyndon and the entire team at Guernsey Finance in whatever way we can.”

Guernsey Finance is a collaboration between the Commerce and Employment Department on behalf of the States of Guernsey and GIBA on behalf of the Island’s finance industries.  Its remit is to market Guernsey as an independent international finance centre on the world stage.

Flexible Access in Guernsey Pensions

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On the 29 September 2015 the Guernsey Government approved changes in pension regulations effectively paving the way for flexible access.

Members of Concept Guernsey delisted QROPS or QNUPS may be able to enjoy the same flexibility as the rules from the jurisdiction where the pension fund came from.  For UK tax relieved funds this means there is the potential to enjoy flexible access from your Guernsey plan.  Guernsey pension providers may or may not choose to offer access as they will need to make changes to ensure those members remaining do not suffer IHT exposures.  Concept offers full and partial flexible access and will release costs and terms on a client-specific request.


Concept is pleased to announce the official launch of its new Aurora Islander RATS

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It offers a low cost, tax efficient, open architecture retirement solution for Guernsey and Jersey residents.

To encourage saving from a younger age, Concept will not charge any set up or annual fees for all entrants under the age of 25, until they reach their 25th birthday.  For a limited time only, Concept will extend this to include all applicants under the age of 30.

One significant benefit of Aurora Islander is that you can begin receiving benefits from as early as age 50, instead of having to wait until you are age 65, 67 or 70 as will be the case for the States’ old age pension going forward.

Aurora Islander is thus an ideal solution to “bridge the gap”


  • UP TO 30% PCLS – TAX EXEMPT;Aurora Islander is the latest addition to the suite of Aurora Pensions offered by the locally owned and run Concept Group, who are synonymous with pioneering pension development both locally and internationally and provide pension solutions to individuals and groups, large and small across the Island.Different charging structures exist within Aurora Islander that ensure the scheme is both affordable from a young age and appealing to the more sophisticated investor wishing to have more input on the management of their pension assets.


  • For further information on the Aurora Islander RATS, including the applicable charges and any documentation required, please contact a member of the Sales Team.
  • The scheme can accept transfers from existing Guernsey RATS or RACS, UK pension transfers for Guernsey and Jersey residents, and allows regular and ad hoc contributions to be made from either an employer or the individual themselves, or both.
  • *For a limited time only. Terms and conditions apply.

Changes in UK legislation affecting QROPS, former QROPS, and delisted QROPS

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UK pension reforms became law on 6 April 2015.

There are still a number of unanswered questions regarding the impact of the UK changes on overseas pension schemes.  Not least of these are tax implications and expected changes following the temporary reversal of UK policy in respect of the extension of flexible benefits to overseas schemes.

We post updates on the above on a regular basis on our website –

We outline below the current position for our Guernsey and Gibraltar products.

Whilst we do not offer Maltese products, our understanding of their position also follows.

Aurora International Pension Plan/Aurora Libertaï/Aurora Quantum/Aurora Quantum Lite – former QROPS (Guernsey)

  • Guernsey’s local tax legislation is being amended to offer flexibility;
  • Flexibility is expected to be available in the early summer;
  • Flexibility is expected to relate to the original source of funds;
  • Thus, UK source pension funds will receive UK pensions’ flexibilities;
  • Tax on flexible payments may fall due in the UK and/or a Member’s country of residence; specific tax advice is strongly recommended prior to any flexi access;
  • We await the outcome of HMRC’s decision on whether they will remove the temporary suspension for non-European Economic Area QROPS and delisted QROPS;
  • If you are interested in flexible access, it is likely that Guernsey will be the first jurisdiction to be able to offer such access. Whilst this is expected in the early summer 2015, Guernsey already has certain long standing pension flexibilities.
  • It may be necessary to consider each case on its own merits, but Guernsey can already offer flexibilities such as temporary annuities and loans.

Aurora Europa – QROPS (Gibraltar

  • There will be no changes to our Gibraltar Schemes at the current time or until such time as the  temporary reversal of policy in respect of the extension of flexible benefits to overseas schemes is lifted;
  • PCLS is still available up to 30%;
  • No Death Taxes continue to apply;
  • Withholding tax of 2.5% on income withdrawals;
  • Withdrawals continue to be available for Members over 55 years of age, at up to 150% of the prevailing GAD rate.


Whilst new changes to Maltese legislation have been enacted ,and such legislation will allow similar flexibility as most UK Defined Contribution Schemes and SIPPs, this will only take effect after existing Maltese Schemes are licensed and regulated under this new legislation. This will not be until late 2015.  The minimum age for access to pension income has been increased to age 55, as with all other QROPS jurisdictions, and Malta is also considering reducing the PCLS payments from their current level of 30% to 25%. Withholding tax on pension income payments is payable at 35% unless an effective DTA exists.

This information is provided for general information only.  Concept does not provide financial, legal nor tax advice, and nothing in this document should be construed as such. Concept  shall not be held responsible for any liability or loss arising directly or indirectly from any reliance placed upon the content of this document. Concept recommends that all individuals should seek their own appropriate advice.


Code of Good Practice released for Combating Pension Scams

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Code of Good Practice released for Combating Pension Scams, Concept Group in Guernsey provides support to the UK Industry Group who drafted the Code

The Code of Good Practice for Combating Pension Scams was released on 16th March, following calls from the pensions industry for guidance to help share good practice and to help reduce the risk of scams. An Industry Group in the UK, Chaired by Margaret Snowdon OBE, was formed to develop a Code of Good Practice for use by all in the industry.

Margaret Snowdon, Chairman of Pensions Administration Standards Association (PASA) and Chairman of the Industry Group, said “The Code is a milestone in setting the industry standard due diligence to follow when considering a transfer request. Trustees, providers and administrators want to help prevent scams that can lead to the loss of members’ benefits and have felt caught between the conflicting demands of regulation.  The Code, being based on principles supported by practical guidance should help everyone take reasonable action to protect members and themselves.”

Guernsey headquartered Concept Group has actively engaged over the past twelve months with the UK Industry Group, who wrote the Code of Good Practice for Combating Pension Scams, to provide some unique overseas expertise in regards to the combating pension scams.

Margaret Snowdon added “the fact that so many organisations, including those who advise on SIPPs, SSASs and QROPS willingly gave their help is very encouraging for member protection.  It is also good news that the various regulators welcome the Code and were helpful in the long process to get us to publication.”

The Code has been widely welcomed by organisations such as the Association of Member Directed Pension Schemes, the Department for Work and Pensions, the Financial Conduct Authority, HM Revenue & Customs, the Pensions Advisory Service and the UK Pensions Regulator.

The Code of Good Practice can be viewed here:

Roger Berry, Managing Director of the Concept Group, commented “from the moment we heard about the planned development of a Code of Good Practice for combating pension liberation and other scams, we were extremely supportive and wanted to assist where we could. Priding ourselves on prudence and caution, we are always proactive in efforts to prevent such pension scams. We made contact with Margaret Snowdon, Chairman of the Industry Group, and offered our assistance in the review process, to provide some expert insight from an overseas provider of bona fide non-UK pension arrangements. This was gratefully accepted and over the course of the past twelve months, we have provided input into various drafts of the Code and we also fully support the principles of the Code.”

Roger Berry added that “to be included as one of the organisations involved in the development of this Code is something we are extremely proud of, when you see the calibre of organisations involved and the widespread support from relevant industry organisations. We were delighted to be consulted in the development stages and will continue our close association with the Industry Group.  We hope it will also help to demonstrate our continued effort and stance towards combating pension scams, both in the UK and internationally. ”

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