Guernsey vs Jersey Global Pensions Specialist INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS MANAGEMENTINVESTMENT BANKING
Guernsey is an established centre of excellence for international pension and savings plans, with more than 50 years’ experience. The island is politically, economically and environmentally safe and secure. Guernsey vs Jersey 2 Guernsey vs Jersey
A British Crown Dependency –relationship with the UK is through the Crown not the UK Parliament.
A British Crown Dependency –relationship with the UK is through the Crown not the UK Parliament.
political and geographical differences
volatilityPolitical Not volatile – secure and stable with candidates typically being elected independently (non-partisan).
Environmentally and geographically stable
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tiesHistoricaltoUK
Guernsey Jersey
A self-governing jurisdiction since 1204, with more than 800 years of constitutional autonomy.
andApplicationprinciplesofEnglishcommonlaw
Origins based in Norman-French law, with a strong emphasis on English common law due to strong influence of UK.
✔Right to appeal in UK Privy Council ✔ Not volatile – secure and stable with candidates typically being elected independently (non-partisan).
A self-governing jurisdiction since 1204, with more than 800 years of constitutional autonomy. Political position in the world
Constitutional, political and geographical differences
Origins based in Norman-French law, with a strong emphasis on English common law due to strong influence of UK. Yes – no major weather, geological or other environmental disasters occur frequently. Yes – no major weather, geological or other environmental disasters occur frequently.
4 Guernsey vs Jersey regulatory and legal differences Pension scheme rules, which further enhance member protection Fees and commission must be disclosed to pension plan members Yes (introduced in 2017 and updated in 2020). ✔ ✗ ✗ Consumer protection The Channel Islands Financial Ombudsman. The Channel Islands Financial Ombudsman. Regulation of pension providers Yes. In 2017 Guernsey became one of the first jurisdictions in the world to regulate pension providers. ✗ legislationpensionsPrincipal Pensions are legally defined and given separate authority to trusts, under The Regulation of Fiduciaries, Administration Businesses and Company Directors etc (Bailiwick of Guernsey) law, 2000. Pension providers are regulated under The Pension Scheme and Gratuity Scheme Rules and Guidance, 2020 (Pension Scheme Rules). Tax approval regime contained in Income Tax (Guernsey) Law 1975. No specific pensions legislation. Tax approval regime contained in Income Tax (Jersey) Law 1961. Guernsey jersey Regulatory and legal differences ✔ ✗Assetlegislationprotection
5weareguernsey.com EU ComplianceSubstanceEconomicstatuswithOECD Whitelisted (2019). Whitelisted (2009). Whitelisted (2019). Whitelisted (2009). Adherence to International Standards Compliance with FATF Member of the International Organisation of Pension theregulatorFinancialSupervisorsservicesamemberofNetworkforGreeningtheFinancialSystem Compliant with Moneyval and fully committed to the implementation of FATF and CFT recommendations ✔ Yes, since 2019 Yes, since 2019. Compliant or largely compliant with FATF and CFT recommendations ✘ Yes, since 2021. Yes, since 2021. Guernsey jersey Member of the United Nation’s Financial Centres for Sustainability adherence to international standards
Product Comparision 6 Guernsey vs Jersey International SavingsPlan/InternationalPensionPlanpermitted Yes – with non-resident members benefitting from being able to make payments without the deduction of any local witholding taxes. This further prevents double taxation. Yes – with non-resident members benefitting from being able to make payments without the deduction of any local withholding taxes. This further preventing double taxation. Qualifying Non-UK Pension Scheme (QNUPS) OccupationalMulti-employerpermittedSchemes ✔ ✔ ✔ ✔ Qualified BespokeOverseasRecognisedPensionScheme(QROPS)permittedOccupationalPensionSchemesMulti-memberRetirementAnnuityTrustScheme ✔ ✔ ✔ ✔ ✔ ✔ Guernsey jersey Product comparison - personal and corporate pensions and savings plans Increased. Unknown (JFSC does not keep these figures). 97* Source: GFSC (Q4 2021) Number of pensionadministratorsproviders/ Unknown (JFSC does not keep these figures). Stats and figures Number of providers/administratorspensionincreasedordecreasedoverpast10years?
Guernsey - THE JURISDICTION OF CHOICE 7weareguernsey.com Guernsey Specialistserviceproviders LeaderGlobal Safety security&
weareguernsey.com Guernsey Finance, PO Box 655, St Peter Port, Guernsey, GY1 3PN +44(0) 1481 720 071 info@weareguernsey.com Please recycle me 70% of the wood used in creating this brochure is recycled material, with the remaining 30% from a ‘controlled/sustainable’ wood forest
