Aurora Libertaï Retirement Benefits Trust

Aurora Libertaï can generally accept transfers from a range of local and international retirement arrangements, as well as regular and ad hoc contributions, helping you build retirement savings in a way that suits your circumstances.

Access a broad range of investment opportunities, including both traditional and alternative asset classes. In certain circumstances, members may also have the flexibility to direct their own investment strategy.

As a Qualifying Non-UK Pension Scheme (QNUPS), Aurora Libertaï provides an established retirement planning structure that may offer advantages for eligible individuals with UK connections.

Aurora Libertaï has been designed to provide an efficient retirement savings structure for both Guernsey residents and internationally mobile individuals, with taxation dependent on personal circumstances and country of residence.

Aurora Libertaï is the abbreviation for the Aurora Libertaï Retirement Benefits Trust (the ALRBT), which is a trust based pension plan and the Aurora International Plan, Aurora US Plan and the Aurora Africa Plan (together the Aurora Plans), which are contract based pension plans. Applicants should consult with their Financial Adviser to determine whether a trust-based or contract-based pension plan is most appropriate for them.

Aurora Libertaï is a mobile, flexible and open architecture pension that is designed to meet the criteria to be regarded as a Qualifying Non-UK Pension Scheme (QNUPS), a definition under which an overseas pension scheme must fall in order to gain an exemption under the Inheritance Act 1984.

A QNUPS is a pension scheme (as defined in the Finance Act 2004 section 150) other than a registered pension scheme which (a) is established outside the UK and (b) satisfies the requirements of the Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010 (the QNUPS Regulations).

These regulations are substantially the same as the requirements for a pension scheme to be a “recognised overseas pension scheme” (ROPS), albeit, Aurora Libertaï is seen as a “Overseas Pension Scheme” (OPS).

The QNUPS Regulations came into force on 15 February 2010, with effect retrospectively from 6 April 2006.

Our understanding is that any transfer into a QNUPS is not a transfer of relevant property for inheritance tax (IHT) purposes.

A QNUPS must be established outside the United Kingdom.

Aurora Libertaï is a multi-member pension scheme approved by the Guernsey Revenue Service, and is designed to meet the criteria of a QNUPS.

Aurora Libertaï is an overseas pension that does NOT accept direct pension transfers from UK registered pension schemes.

Aurora Libertaï is available for anyone between the ages of 18 and 75.

Aurora Libertaï may suit individuals who prioritise making provision for their retirement, potentially in addition to the domestic arrangements. This pension may be especially relevant for internationally mobile individuals, or for UK domiciled individuals who have a requirement to make additional provision for their retirement and have concerns in respect of UK IHT – not only on earned income, but for other asset classes too. Aurora Libertaï allows an individual the opportunity to consolidate into a Guernsey Revenue Service approved pension scheme.

In most instances the services of a suitably qualified independent Financial Adviser will be required before a transfer can occur. Obtaining specialist advice will ensure that an individual is aware of the potential implications associated with transferring their assets into Aurora Libertaï.

Provided that you have been non-UK tax resident for 5 complete UK tax years or more (and originally transferred to a QROPS before March 2017) then yes, it is possible to transfer your QROPS assets into Aurora Libertaï.

There is no maximum limit on transfers/contributions that Aurora Libertaï can receive. Individual circumstances and appropriate advice may inform limits.

Although there is no product minimum for contributions to Aurora Libertaï, there may be minimum limits that apply to the underlying investments which would need to be respected.

A Member may commit to a regular contribution at the outset on the formation of their Aurora Libertaï sub-fund or at any point after it is established.

Concept will require a Member to complete an Additional Contribution Form which is included in the Application Pack.

Once completed, (including any relevant bank instruction letter) the Additional Contribution Form should be sent to Concept.

Upon receipt of the Additional Contribution Form, Concept will carry out any appropriate source of wealth and source of funds checks.

Funds must not be sent until Concept has confirmed that it will accept the contributions.

Additional contributions are not mandatory.

The range of permissible investments in Aurora Libertaï is very wide. Marketable securities, residential property (excluding primary residence), fine wine and private equity investments may all be acceptable (restrictions may apply if the original source was UK tax relieved funds).

Investment decisions should be based on a Member’s specific circumstances, to ensure there is liquidity to provide pension benefits.

A member may act as investment manager or adviser, depending on circumstances.

It may be possible to take a loan from your plan of up to 30% of the fund value, on commercial terms with annual interest payable.

Loans must be repaid before benefits commence.

At the age of 55 or later, the Member may notify the Aurora Libertaï trustee or administrator of their wish to take benefit, and will be provided with the options available, which will include the maximum annual income, availability of any lump sum distribution and the relevant documentation to take advantage of these options. Full lump sum distributions may be restricted unless the fund is made up of UK tax relieved funds.

Prior to taking any lifetime benefit, a Member should discuss their options and income requirements with a suitably qualified Financial Adviser.

It is the responsibility of the Investment Manager and/ or the Member’s Investment Adviser to ensure that the relevant Aurora Libertaï sub-fund maintains adequate liquidity to pay any benefits (or expenses) due.

Upon the Member’s death, the assets in their Aurora Libertaï sub-fund may be paid or applied to their nominated beneficiaries, at the discretion of the Aurora Libertaï provider.

A spousal or dependant pension may also continue to be paid if appropriate.

The Aurora Libertaï provider will need to verify the death and obtain due diligence on relevant beneficiaries.

All death benefit payments are made at the discretion of the Aurora Libertaï provider.