Guernsey Retirement Annuity Trust Schemes

A Retirement Annuity Trust Scheme (RATS) is a Personal Pension Plan approved by the Administrator of Taxes under article 157A of the Income Tax (Bailiwick of Guernsey) Law 1975. The underlying funds held in a RATS will not suffer any UK tax, as it is an approved offshore pension scheme.

You may make contributions within prescribed limits with full tax relief available. The limits depend upon age and employment circumstances. In Guernsey for those under 65 and in non-pensionable employment the limit is your yearly income with a maximum overall limit of £35,000 subject to upper earnings limit.

The underlying investment returns within your RATS are not liable to Guernsey tax.

The scheme allows you to drawdown an income, presently up to 7% per annum, at retirement without committing to the purchase of a guaranteed lifetime annuity. All income withdrawals will be subject to 20% income tax.

The balance of the funds remaining, if any, on death in retirement will pass to your nominated beneficiaries. They can still draw an income from the Trust, or they can liquidate the Trust, subject to a 20% tax charge.

RATS allow you the flexibility to vary your income withdrawals during retirement (within limits laid down by the Administrator of Taxes). This flexibility to vary income levels is not available with the purchase of a traditional annuity.

If you are interested in discussing further whether RATS may be right for you then please contact us.

Contact us

Rossborough Financial Services Limited

Email: enquiries@rfsl.co.uk

Jersey

Phone: 01534 502000
Fax: 01534 502099

2nd Floor, Dialogue House,
2-6 Anley Street, 
St. Helier,
Jersey, JE2 3QE

Phone: 01481 241534
Fax: 01481 241535

PO Box 127, Rossborough House
Bulwer Avenue, St Sampsons
Guernsey GY1 3HG

 

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How to Complain

We are committed to providing you with a first class service but we recognise that there may be an occasion when you feel we may not have done this and wish to make a complaint*.

Please write to the appropriate undernoted company:

  • The Managing Director, Rossborough Financial Services Limited, Dialogue House, 2-6 Anley Street, St Helier, Jersey JE2 3QE
  • The Managing Director, Rossborough Financial Services Limited , PO Box 127, Rossborough House, Bulwer Avenue St Sampson, Guernsey GY1 3HG
  • Or telephone:
  • Jersey (01534) 502000
  • Guernsey (01481) 241669

Or email scsaplar@rfsl.co.uk or the person with whom you have been dealing and we will acknowledge your letter/email within 24 hours and provide a further response within 10 working days.

* Please note that you must utilise the Rossborough complaints procedure before you can approach the Ombudsman.

Financial Services Ombudsman

If your complaint is not resolved to your satisfaction you may be able to refer the matter to a Financial Services Ombudsman

  • Jersey - The Channel Island Financial Services Ombudsman service is available for consumers, microenterprises and certain Channel Island Charities. You can contact the Ombudsman office at PO Box 114, JE4 9QG, by email at complaints@ci-fo.org or through the website at www.ci-fo.org . Telephone 01534 748610.
  • Guernsey (including Alderney & Sark) - The Channel Island Financial Services Ombudsman service is available for consumers, microenterprises and certain Channel Island Charities. You can contact the Ombudsman office at PO Box 114, JE4 9QG, by email at complaints@ci-fo.org  or through the website at www.ci-fo.org . Telephone 01481 722218.

You can download this procedure in PDF form here.