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Guernsey To Enhance Annuity Trust Rules

Monday, November 5, 2012

The Guernsey Financial Services Commission has announced a consultation on proposed changes to the Retirement Annuity Trust Schemes (RATS) Rules 2010, to enhance consumer protection, and to ease the academic and professional body membership requirements placed on actuaries.

The wording of Article 2.2 has been enhanced to ensure that practitioners document in detail that the trustee's circumstances have been considered when a RATS is recommended as a pensions vehicle, the basis for this decision, and any advice provided to the trustee.

A change to Article 3 amends the interpretation of "suitably qualified person" to mean any actuary or a person holding either the Chartered Insurance Institute’s Pension Planning (AF3) Advanced Diploma in Financial Planning or its earlier G60 Pensions qualification or, additionally, an equivalent qualification.

Article 10 is amended to alter the definition of actuary, to allow actuaries to also be recognized if they are members of an equivalent professional body for actuaries other than the Institute and Faculty of Actuaries.

Comments have been welcomed until November 19, 2012.