The Soteria Plan is classed as a Defined Contribution Retirement Benefit Plan which is written under Contract and has been approved by the Guernsey Income Tax Authority under section 157A (2) of the Income Tax (Guernsey) Law, 1975. Guernsey has Double Tax Agreements with 15 countries, and partial Agreements with further 9. This means that when income is taken from the pension members are taxed in one location only - Guernsey.
Guernsey has a modern regulatory regime in place that conforms to international finance and pension standards. In 2001 and 2017, Guernsey became one of the first jurisdictions in the world to regulate pension providers and rules, which has created a culture of professionalism not found elsewhere, these and other regulations make the jurisdiction a safe place to keep their retirement funds.
Some of the Guernsey-approved retirement plans, such as the Soteria Plan, are designed especially for globally mobile employees who may build up pension rights while working in some jurisdictions, where Guernsey has taxation agreements.