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Personal Pension Scheme Controllers

FAQs

The purpose of this page is to make sure that the application process is fully understood.

This section sets out:

  • What a Personal Pension Scheme Controller is?
  • What would this Licence allow you to do?
  • Capital Requirements
  • What do you need to submit? 

What is a Personal Pension Scheme Controller

The Regulations define the regulated activity as – “establishing, operating or winding up a personal pension scheme”

What does this Licence allow you to do?

The licence would allow you to:

  • act as a trustee of a trust-based personal pension scheme;
  • act as a provider of a contract-based personal pension scheme; and
  • provide administration services to a personal pension scheme.

The regulation of Personal Pension Scheme Controllers falls under the scope of the Financial Services (Investment and Fiduciary Services) Act 1989 (“the Act”). All requirements for the licensing of Pension Scheme Controllers can be found under the Financial Services (Pensions) Regulations 2017

Capital Requirements

Firms are required, on an ongoing basis, to self-assess the level of financial resources required to ensure an orderly wind-down, subject to a minimum of £50,000. This assessment should take account of the excess on the firm's professional indemnity policy.

What do you need to submit?

  • Application Fee of £3,000.
  • Application Form
  • Business Plan
  • Financial projections
    • Profit and loss account
    • Balance sheet
    • Returns (these need to be on a quarterly basis for the first year and then annually for the following 2 years)
  • Individual Questionnaire (for each individual holding a notifiable position)
  • Body Corporate Questionnaire (for each entity holding a notifiable position)
  • Mapping assessment of how the application meets the relevant legislative threshold requirements (i.e. statutory/regulatory criteria for licensing under relevant Act/s)

Any other document the applicant considers the GFSC should take into consideration as part of the application.

Business Plan

The business plan should clearly and comprehensively set out:

  • What services the firm intends to carry out and how it proposes to conduct the activity
  • Board structure and terms of reference, including details of any sub-committees set up by the Board to assist them carry out their duties
  • The firm’s risk management function
  • An assessment of the main risks facing the firm and how these are to be mitigated
  • The resources that are to be made available and the systems that the applicant intends to employ
  • Target market
  • How clients will be sourced
  • How records will be maintained
  • How, and by whom, any significant decisions will be made
  • Structure charts outlining both in-house and outsourced operations
  • Details of its compliance with the Anti-Money Laundering requirements
  • Details of outsourcing arrangements and how the firm will monitor and oversee these, including the controls implemented by the firm on these arrangements
  • If the applicant forms part of a larger group, details should also be provided of the activities of the group and a description of its structure.
  • How the firm proposes to conduct activities
  • How the firm will ensure that consumers are protected and their suitable needs are met
  • Compliance with AML requirements (if applicable)
    • What reporting lines the firm will establish
    • Business Continuity Plan

The GFSC will be seeking evidence that the firm has considered the risk, compliance and operational issues associated with the proposed activities, as well as evidence that these have been documented and implemented.

Applicants should ensure that the business plan is coherent with the firm’s risk appetite and capacity.

Application Forms

Should you get an error when opening any of the forms, please check the FAQ tab for guidance on how to override this.

** All forms are accepted electronically so long as they are submitted from a valid email address pertaining to the firm **
 
 

Application Form (Personal Pension Scheme Controller)

Documents referred to in the application form must be clearly referenced to help us process the application swiftly.

 

RGP Vetting Form

Please note that an 'Individual Questionnaire' or a 'Notifiable Document' MUST be accompanied by a Royal Gibraltar Police Vetting Application Form in accordance with Section 30C of the Proceeds of Crime Act 2015.  The form must be submitted to the Gibraltar Financial Services Commission, who will liaise with the RGP in order to make the relevant enquiries.

For any applicant that is not a Gibraltarian, or has not lived in Gibraltar for the last 10 years, in addition to the RGP vetting form, he/she must also provide the GFSC with a report of their criminal record from the relevant authority in the jurisdiction/s in which they have been ordinarily resident for the last 10 years and/or from any other jurisdiction where the applicant has spent a considerable amount of years resident in the past.  If the report is not in English, this must be accompanied by a translation from a certified Translator.

 

Notes for completion of the Royal Gibraltar Police Vetting Application Form:

1.     The RGP Vetting Form must be completed by the applicant in full. Should any section be incomplete, this cannot be accepted. 

Note that the section in the form that states ‘To be completed by agency or organisation requiring vet’ should be left blank as this section is to be completed by the GFSC only. 

2.     All RGP Vetting Forms MUST be submitted together with the applicable Individual Questionnaire or Notifiable Document to which it relates. 

Please note that all applications/fit and proper assessments will be kept on hold and not be processed until the original RGP Vetting Form and fee is submitted together with the applicable Individual Questionnaire or Notifiable Document. The same will apply to any incorrect forms submitted.

Should exceptional circumstances apply, please contact authorisations@gfsc.gi 

3.     The RGP and Individual Questionnaire or Notifiable Document cannot be accepted without any of the following:

a)    Payment of the £10 applicable fee by bank transfer only; and

In order to obtain the relevant bank details, please liaise with the member of staff at the GFSC who is processing the application and they will provide you with the required information. Should you be unsure of the contact details, then please refer your query to authorisations@gfsc.gi 

b)    APPLICATION Reference number. 

This reference number MUST be quoted in the payment reference for any bank transfer. Should you have numerous payments to settle due to a large number of applications, or find that you are unable to include all relevant references within the payment details, please ensure that you communicate this to the member of staff at the GFSC who is processing your application. We will require an e-mail confirming the applicable reference numbers that correlate to each individual, notifiable applicant or RGP Vetting Form.

 

For any further queries, please contact authorisations@gfsc.gi and a member of staff will be happy to assist. 

  Individual Questionnaire
  Body Corporate Questionnaire
 

Body Corporate Questionnaire Warranty

A warranty signature page is required to be submitted with all applications. Please use the reference number quoted on the form.

 

Individual Questionnaire Directors Declaration

Directors declaration form is required to be signed and submitted with the individual questionnaires. Please use the reference number quoted on the form.

 

Individual Questionnaire Warranty

A warranty signature page is required to be submitted with all applications. Please use the reference number quoted on the form.

  Application Form (Personal Pension Schemes)

Returns

  Personal Pension Scheme Controller Return

The purpose of this page is to make sure that the application process is fully understood.

This section sets out:

  • What a Personal Pension Scheme is?
  • Capital Requirements
  • What do you need to submit?

What is a Personal Pension Scheme

A personal pension scheme is one of the following:

  • Gibraltar Approved Personal Pension Scheme (GAPPS)
  • Retirement Annuity Contract (RAC) *
  • Individual Personal Pension Plan (IPPP) *
  • Qualifying Recognised Overseas Pension Schemes (QROPS)
  • Qualifying Non-UK Pension Schemes (QNUPS)

* Only one application required

Capital Requirements

There are no capital requirements for a Personal Pension Scheme

What do you need to submit?

Any other document the applicant considers the GFSC should take into consideration as part of the application.

Personal Pension Scheme Controller Authorisation Fees

Application Fee

The application fee must accompany your application. Please note, if you are applying for more than one licence, aggregate fees will apply.

Description Application Fee
Establishing, operating or winding up personal pension schemes £3,000

Annual Fee

The annual fee is not payable until your application is approved. For details of these please refer to the current Fee Regulations.

Personal Pension Scheme Authorisation Fees

Application Fee

The application fee must accompany your application. Please note, if you are applying for more than one licence, aggregate fees will apply.

Description Application Fee
Personal Pension Schemes £500

Annual Fee

The annual fee is not payable until your application is approved. For details of these please refer to the Financial Services Commission (Fees) Regulations 2016.

Service Level Standards

The current service level standards are:

  • To provide initial feedback to an application within 5 weeks of a complete application being received.
  • Once all of the information has been received from an applicant and the application is therefore considered to be complete, we aim to provide an in principle decision within 4 weeks.

Please be advised that the above service level standards refer to the period of time in which the GFSC holds applications for consideration. Where we require further information or documents from an applicant the service level standards will be suspended until we receive the requested information. The period of time an application is pending because of factors outside the control of the GFSC will not be accounted for under the service level standards.

Please note due to the foreseen large volumes of applications to be received should we be unlikely to meet our Service Level Standards, we will advise you as soon as possible.