Join us at the Chamber of Commerce for an informative session on secondary pensions, organised to help businesses understand what they need to do and the options available. During this event, you will receive comprehensive details into the mandatory requirements of the secondary pension policy and information on Your Island Pension (YIP.)
From July 1st 2024, employers that do not already provide an approved pension scheme for their employees will have a legal duty to enrol their staff into a secondary pension scheme. This will be implemented on a phased basis, beginning with the largest employers (those with 26+ employees). Over the following 15 months, smaller employers will also need to provide approved pensions.
Representatives from the States of Guernsey, Guernsey Revenue Service and Returns Creator payroll software provider will be presenting along Sean Gillease from Sovereign.
To facilitate this initiative, the States of Guernsey have collaborated with Sovereign Pension Services (CI) Limited to establish Your Island Pension (YIP). YIP operates independently from other States functions and offers employers the flexibility to enroll their employees in other qualifying schemes from alternative providers if preferred. The ‘Your Island Pension’ scheme will be available on a voluntary basis starting from January 1, 2024.