Sovereign Gibraltar Retirement Benefit Scheme (SGRBS)

The SGRBS is a Non-Member Directed Scheme designed to reduce your annual pension fees by consolidating all pension stakeholders, including the investment manager, platform and pension provider, into a single, streamlined plan. Unlike traditional schemes, SGRBS offers a flat capped fee of 2% per annum, guaranteed to provide a cost saving compared to your existing plan.

Savings will vary depending on your current pension plan’s fees, but the 2% per annum capped fee ensures a lower annual cost for the vast majority of members, resulting in significant savings over time.

Yes, The SGRBS is designed to streamline and reduce annual fees by centralising all pension stakeholders—including the platform, pension provider and investment manager—into a single solution. This simplifies management for members, providing all information and communication from one unified source.

No, the transfer process has been designed to be straightforward and hassle-free. Our team will guide you through each step to make the transfer as smooth as possible.

Sovereign Trust International Limited will serve as the pension trustee and Sovereign Pension Services (Gibraltar) Limited (SPS) are the administrators of the scheme. Morningstar Wealth act as the default investment platform and investment manager to oversee your investments. This setup provides professional, structured oversight to ensure your pension is managed effectively.

Morningstar Wealth Platform acts as the pension administration platform and will handle all the investment Processing. The platform allows all your investments to be held in the same place; this makes it easy for you to monitor your portfolio and ensure it remains appropriate for your needs.

• Easier administration: because all of the investments are held in one place, administration is streamlined and simple.
• Security of investment: the safe custody of your investments is essential for your peace of mind. Morningstar partner with some of the world’s most prestigious and reputable financial institutions to provide the security you expect. Their custodial services are governed by FCA regulations on Client Money and Assets and provided with companies like Northern Trust (Guernsey) Ltd, FNZ and HSBC.

Members in an existing Gibraltar QROPS are eligible for SGRBS as an alternative to their current QROPS plan. If you have specific questions about your eligibility or any conditions, please contact our team.

Your current investments will be transferred to the SGRBS’s structure, where they will be managed by a qualified third-party investment manager under the new scheme’s framework.

The 2% annual capped fee is designed to offer transparency and cost-effectiveness, covering all services under SGRBS, including trustee oversight, investment management, and administration. This structure eliminates hidden fees and aligns with our commitment to providing the best value for our members. The fee will be calculated monthly based on the current portfolio value.

Consumer Duty is a standard introduced by the Financial Conduct Authority, in the UK, intended to improve Consumer protection for financial-services firms in the UK. The changes were announced in 2021 and officially came into force on 31 July 2023. The Duty came into force in Gibraltar on 9th May 2024.

The SGRBS is designed to align with the Consumer Duty principles for all members of the scheme, ensuring we act in your best interest by providing a clear, cost-effective and transparent pension plan. This helps protect your financial interests now and into the future.

Each member will receive an illustration of the costs of their current arrangement which can be used as a comparison against the SGRBS and you will only receive this if you will be financially better off in the new scheme.

To begin the transition, simply reach out to our team, who will walk you through the steps and assist you with all necessary documentation.

Dependent on the current investment held, there may be associated surrender fees, which will be a one-off payment deducted from the policy value. If applicable, this is a fee retained by the investment provider and not Sovereign. This will be fully disclosed and discussed with you prior to the commencement of the transfer. There will be no fee charged by Sovereign for administering the transfer from your existing scheme to the new scheme.

Unless we are instructed to switch by members, any existing pension arrangements will remain as is.