Updated and streamlined RATS rules came into force on 31
December 2015. Whilst these on the whole represent a welcome
development, trustees should nonetheless think carefully about how
to operate RATS in light of these.
A Retirement Annuity Trust Scheme ("RATS") is a type
of Guernsey domestic personal pension scheme. These pension schemes
must comply with various requirements, including, in cases where
the member is a Guernsey resident or has made Guernsey tax-relieved
contributions, the requirements set out in rules published by the
Guernsey Financial Services Commission (the "RATS
Rules"). The RATS Rules have from 31 December 2015 been
replaced with new rules which are intended to be more streamlined
and help providers offer a more flexible and cost effective
product. Nicholas Donnithorne and Anna Gray of Babbé
consider some of the key changes.
