What is an Aurora Libertaï™ RBC/T?

Aurora Libertaï™ RBC/T is the abbreviation for the Aurora Libertaï™ Retirement Benefits Trust/ Contract. The scheme is available as either a trust or contact managed arrangement and an individual should consult with their Financial Adviser to determine which of the two they should apply for. A brief overview of the differences between the trust and contract managed arrangements has been given within the FAQ section.

Aurora Libertaï™ RBC/T is a mobile, flexible and open architecture pension that meets the criteria to be regarded as a Qualifying Non-UK Pension Scheme (QNUPS), a definition under which an overseas pension scheme must fall in order to gain an exemption under 271A of the Inheritance Act 1984 (a).

“A QNUPS is a pension scheme (as defined in the Finance Act 2004 section 150) other than a registered pension scheme which (a) is established outside the UK and (b) satisfies the requirements of the QNUPS regulations”.

These regulations are substantially the same as the requirements for a pension scheme to be a “recognised overseas pension scheme” (“ROPS”).

QNUPS came into force from 15 February 2010, with effect retrospectively from 6 April 2006.
Any transfer into a QNUPS is not a transfer of relevant property for inheritance tax (IHT) purposes.

A QNUPS must be established abroad and the country in which it is established must recognise it for income tax purposes.

The Aurora Libertaï™ RBC/T is a multi-member pension scheme approved by the Guernsey Income Tax authorities, and which meets the criteria of a QNUPS.

The Aurora Libertaï™ RBC/T is an overseas pension that does NOT accept pension transfers from UK registered pension schemes.

Who can apply for an Aurora Libertaï™ RBC/T transfer?

An Aurora Libertaï™ RBC/T is available for anyone between the ages of 18 and 75 (excluding Jersey residents; US & Canadian Nationals).

An Aurora Libertaï™ RBC/T will suit a Member for whom it is a priority to make provisions for their retirement. This could be especially relevant for internationally mobile individuals, or for UK domiciled individuals whom have a requirement to make additional provisions for their retirement and have concerns in respect of UK IHT – not only on earned income, but for other asset classes too. Aurora Libertaï™ RBC/T allows an individual the opportunity to consolidate into a Guernsey Income Tax approved pension scheme.

In most instances the services of a suitably qualified independent Financial Adviser will be required before a transfer can occur. Obtaining specialist advice will ensure that an individual is aware of the potential implications associated with transferring their Non-UK pension fund into an Aurora Libertaï™ RBC/T.

Can I transfer my QROPS to an Aurora Libertaï™ RBC/T?

Provided that you have been non-UK tax resident for 5 complete tax years or more than yes it is possible to transfer your QROPS to our Aurora Libertaï™ RBC/T scheme.

What is the maximum or minimum contribution I can make?

There is no maximum limit on transfers/contributions into an Aurora Libertaï™ RBC/T.

Although there is no product minimum for contributions to the Aurora Libertaï™ RBC/T, there may be product minimums that apply to the underlying investments which would need to be respected.

How do I make additional Contributions?

A Member may commit to a regular contribution at the outset on the formation of their Aurora Libertaï™ RBC/T or at any point after it is established.

Concept will require a Member to complete an “Additional Contribution Form” which is included in the Application Pack or can be downloaded from this website.

Once completed, (including any relevant bank instruction letter) the Form should be sent to Concept.

Upon receipt of the Application Form, Concept carry out any appropriate “source of wealth and source of funds” checks.

Funds must not be sent until Concept has confirmed that it will accept the contributions.

What can I invest in?

The range of permissible investments in Aurora QNUPS is very wide. Marketable securities, residential property (excluding primary residence), fine wine and private equity investments may all be acceptable.

Investment decisions should be based on a Member’s specific circumstances, to ensure there is liquidity to provide pension benefits.

How do I commence taking benefits?

After the age of 55, the Member notifies the Trustees in good time, and will be provided with the options available, which will include the maximum annual income, and the relevant documentation.

Prior to taking any lifetime benefit, a Member should discuss his options and income requirements with a suitably qualified Financial Adviser.

It is the responsibility of the Investment Manager and/ or the Member’s Investment Adviser to ensure that the relevant Sub-Fund maintains adequate liquidity to pay any benefits due.

What happens when I die?

Upon the Member’s death, the assets in their Sub-Fund may be paid or applied to their nominated beneficiaries, at the discretion of the Trustees.

A spouse’s or dependents pension may also continue to be paid if appropriate.

The Trustees will need to verify the death and obtain due diligence on relevant beneficiaries.
All death benefit payments are made at the discretion of the Trustees.