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.