Aurora Libertaï Retirement Benefits Trust
Aurora Libertaï Retirement Benefits Trust at a Glance
Aurora Libertaï Retirement Benefits Trust is an approved Retirement Annuity Trust Scheme (the Scheme) that is designed to provide a personal retirement benefits scheme which is secure, flexible, portable and competitively priced.
The Scheme is open to Guernsey residents and non-Guernsey residents aside from those residing (though it may not be tax-efficient for those residing in the US, Spain, France or Portugal). It is a multi-member RATS, administered to meet the approvals afforded by the Income Tax (Guernsey) Law, 1975, as amended.
The Scheme is an Overseas Pension Scheme (OPS) and meets the UK prescribed conditions to be a Qualifying Non-UK Pension Scheme (QNUPS).
How can I contribute?
The Scheme is generally able to receive transfers from approved pension plans, both locally (for example from another Guernsey RATS) and internationally. The Scheme is able to accept transfers from QROPS, or delisted QROPS, subject to the individual having been resident outside of the UK for more than five complete and consecutive UK tax years, and the original transfer out of the UK being pre 6th April 2017.
The Scheme cannot accept transfers from UK registered pension schemes.
The Scheme is able to accept various methods of contributions, both regular and/or ad hoc and from an employer and/or employee. It is also possible to contribute funds which have originated from joint savings, although these will be held solely for the benefit of the Member.
The Scheme has been designed to allow for a wide range of potential investments to be held, allowing for investments to be made into both marketable securities and alternative investments.
In certain circumstances, the Scheme allows the Member to self-direct their investments, and in a currency of their choice.
A QNUPS is a non-UK pension scheme that meets certain conditions as outlined by HMRC, and is considered to be ‘broadly equivalent’ to a UK registered pension scheme. QNUPS are afforded an exemption from UK inheritance tax.
Guernsey Tax Treatment
The Scheme is highly tax efficient for its Members.
Payments made from the Scheme to non-Guernsey resident Members are paid gross, without the deduction of any Guernsey income tax.
Payments made from the Scheme to Guernsey resident Members will be paid following the deduction of 20% income tax at source, excluding any pension commencement lump sum (PCLS) payment.
The Scheme has been designed to also meet UK IHT exemptions.