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Information for Employees or Members of a corporate scheme administered by us
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Guernsey is tax neutral for non-Guernsey residents and you will be taxed according to the tax regime of the country that you are tax resident in at the time of your retirement, therefore you would have access to your retirement benefits regardless of where you decided to retire.
Pensions provide for flexible retirement ages within a minimum age (generally 55) and a maximum age (generally 75) depending upon the territory where you are a tax resident at retirement. Your employer will set the parameters around your retirement age in the special rules of the scheme.
Depending on the rules of the scheme you are in, you typically have four options which are: you could withdraw your full fund, transfer your fund to your new employer, transfer your fund to a personal pension scheme or leave your fund where it is.
Pension benefits can only be paid to you whilst you are alive. On your passing, a death benefit is payable to your nominated beneficiaries. This payment can be made directly to them or contributed to a personal pension plan for their benefit.
No, the trustees administer the payment of your death benefit with no need for a will or executor. Furthermore, the death benefit is generally not subject to any situs taxes that may arise as a result of your passing.