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.