Scheme managers or persons having the control of a Jersey superannuation fund or occupation pension scheme must complete an annual return, or the scheme may lose its approval. All sections must be answered and not left blank.
If you do not have enough room in any of the sections, use the extra pages below to complete your declaration.
If you have not received a return to complete contact us immediately.
Section 1: Pension holder in receipts of pension income
List all members in receipt of an annuity or a pension paid by the scheme in the year. If the payment of the annuity or pension commenced or ceased in the year, enter the effective date and actual amount paid in the year.
Also enter the amount of tax deducted, where there is no PR1 in place, or the member is living in a jurisdiction with no exempting provisions.
Extra page for section 1 of the pension return
Section 2(a): Employee contributions, including interest, refunded to members who ceased to be employed by the employer
Declare any refund of employee contributions. State the gross amount of the contributions refunded before the 10% income tax was deducted.
Section 2(b) Employer contributions, including interest, refunded to the employer
Declare any refund of employer contributions back to the employer and provide the date approval was granted to make the refund.
Extra page for section 2 of the pension return
Section 3: Sums paid in commutation or in lieu of annuities or pensions on grounds of triviality
Enter details of triviality payments after the member attains the age of 60. State the fund value, the tax free sum (30% maximum) and the remaining balance which is subject to tax at 10%.
From 1 January 2024, the maximum fund value, after any tax free sum, has increased from £35,000 to £50,000.
Extra page for section 3 of the pension return
Section 4: Low value funds refunded
This applies if:
- a scheme has been wound up or closed
- the pension holder has left the service of the employer
The fund value of the pension holder must also not exceed £19,000. From 1 January 2024 this is £15,000 and there is no longer an aggregate value that a member can receive (previously £50,000) under these rules.
Extra page for section 4 of the pension return
Section 5: Lump sums paid in full commutation of fund value that qualify for commutation on grounds of serious ill health
Declare any sums paid out and confirm if the fund has commenced benefits.
Extra page for section 5 of the pension return
Section 6: Death in service payments
Declare any sums where a lump sum payment has been paid on death, after commencement of benefits.
Extra page for section 6 of the pension return
Section 7: Other lump sum payments made under scheme rules
Declare any other payments which are not covered in sections 1 through 6. For example you have refunded the employer's contribution back to the pension holder or other payments have been made under the scheme rules but do not fall under any of the other sections.
Extra page for section 7 of the pension return
Section 8(a): Scheme contributions paid in the year
Enter the total employer and the total employee contributions paid in the calendar year.
Section 8(b): Pension scheme income
Enter details of the income from the pension scheme. Article 131 exemption from income tax is allowed in respect of income derived from investments and deposits of a superannuation fund.
However, exemption would not extend to income such as:
- trading
- gains from transactions in certificates of deposit
- fees from stock lending
- underwriting commissions
Section 9(a): Detail any transfers of fund value to other approved schemes
Enter details of all transfers to other approved pension schemes.
Extra page for section 9a of the pension return
Section 9(b) Detail any transfers into the scheme
Enter details of all transfers received into the scheme.
Extra page for section 9b of the pension return
Section 10: Detail and fund value transferred to an insurance company to purchase an annuity in an individuals own name
Enter details of any fund value transferred to an insurance company.
Extra page for section 10 of the pension return
Declaration
You must sign the declaration and send the return back with any accompanying documentation.
If you administer a large scheme and you normally provide us with your own schedule of information, you can continue to do this as long as your information reflects what is required on the annual return.
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