Local Pension Plans
Local pension plans for individuals are known as Retirement
Annuity Trust Schemes (RATS) and are available to persons who are
resident or non-resident in Guernsey.
A RAT is a self-administered private pension scheme written
under trust and approved by the States of Guernsey. It is an
excellent way of providing for retirement. Collas Crill
Trust can provide the Trusteeship and can arrange for
investment managers and accountants to be appointed to the plan who
will be able to provide the necessary investment and accounting
services. Collas Crill Trust will be pleased to provide
details of the fees charged for a local pension plan.
A RAT is also called a Defined Contribution Retirement Benefit
Plan or Money Purchase arrangement. This type of
pension scheme offers considerable flexibility and advantages when
compared with the insurers' pension plans which are no longer
offered to new members in the Channel Islands.
Each RAT is a separate trust, whether it is established in an
individual's name or as a sub-trust for an employee who is a member
of a Group Scheme. Each member's contributions are invested
by the Trustees into the agreed Investment Strategy. When a
member retires the value of the funds held in the RAT will form the
basis for calculation of his or her pension.
For further information please contact us