EU Referendum

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The European Union (EU) referendum has now concluded and the outcome is that the United Kingdom (UK) will leave the EU, albeit the actual process to leave the EU is likely to take a number of years.

For existing clients and prospective clients of Concept Group, there is seemingly very little impact as a result of the decision.

For existing members of our Guernsey delisted QROPS

There will seemingly be no impact as a result of the UK leaving the EU.

For existing members of our Gibraltar QROPS 

There will seemingly be no impact as a result of the UK leaving the EU.

For prospective/future members of our Gibraltar QROPS

There is no immediate impact as a result of the UK’s intention to  leave the EU and anyone considering a transfer to our Gibraltar QROPS, can still do so safe in the knowledge that any transfer will be an authorised transfer.

To reassure anyone who is considering transferring to a QROPS, the ability remains unchanged to complete transfers from a UK registered pension scheme to a QROPS and with the same associated benefits as before the UK’s EU referendum.

If you have any questions on this matter, please speak with your Financial Adviser in the first instance.

How long can a transfer from a UK registered pension scheme to a QROPS take?

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We are often asked by advisers and clients – how long will a transfer from a UK registered pension scheme to a QROPS take?

Unfortunately, the answer is always the same – it is impossible to say. The time it will take depends on a number of things, such as: the processes of the UK pension scheme provider, whether the funds will be transferred in cash or in-specie, the number of pension schemes the client has to transfer and finally, all documentation being received in an acceptable manner – such as due diligence being certified correctly etc.

From our experience a transfer from a UK registered pension scheme to a QROPS can take anywhere from 2 weeks to 6 months to complete.

The best way for clients and their advisers to keep the time taken for a transfer to a minimum is to ensure that everything being provided is complete and valid. In an effort to assist and streamline this process, Concept offers advisers the opportunity to scan their client applications in for a pre-check, which is designed to identify any outstanding items prior to the original documents being posted to us.

A UK registered scheme provider is likely to have its own internal processes to follow when a request from a member is received to transfer to a QROPS, but under HMRC requirements the registered pension scheme should carry out reasonable due diligence checks in relation to the transfer and must check the published ROPS list and should be able to demonstrate that such a check was carried out no more than one day before the transfer was made.

Following our involvement in the development of the Code of Good Practice for Combating Pension Scams, we’ve been able to further streamline our processes and dealings to ensure that a UK registered scheme provider has everything they require readily available to determine the bona fide of our scheme. This included the creation of a Scheme Validity Information Sheet which is sent to transferring UK registered scheme providers, detailing all of the required information, references and approvals which they need to ensure the validity of the scheme they will be transferring to.

Further information in respect of the transfer-out process from a UK registered pension scheme to a QROPS can be found on the HMRC website here.

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.


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