Guernsey is introducing a new supervisory system for pensions with the aim of enabling its firms to bring regulated international pension products to market.

Under the new regime, which takes effect on 30th June with a 'transitional period' to follow, product providers will be supervised formally as 'pension providers' for the first time. The regime will also allow those firms to apply for broad exemptions under the Organisation for Economic Co-operation and Development's Common Reporting Standard.
   
The decision to introduce a set of "conduct of business" rules for both domestic and international schemes springs from late 2016, when Guernsey's financial regulator found that there was strong support from the island’s 50-plus pension providers for regulated pension products.

Firms that provide pensions have, of course, always been subject to licensing and supervision, but the supervisory regime had not previously extended to pension schemes.
 
The Guernsey Financial Services Commission is adding the formation, administration and management of pension schemes to the list of regulated activities set out under the island’s Regulation of Fiduciaries Law.  
 
The rules also include provisions for the regulation of schemes themselves, requiring the reporting of scheme data.