From July 1st 2024, all Guernsey employers must enrol their staff into a secondary pension scheme – are you ready?
Don’t worry, we’re here to help – start preparing by attending one of our free to member events to understand what you need to do and when.
Why do we need a secondary pension scheme?
As the dynamics of our workforce evolve and life expectancy rises, the demand for a more secure and substantial retirement plan has never been more pressing.
To secure the financial future of its residents, the States of Guernsey have taken the decision to introduce mandatory secondary pensions starting from July 1st, 2024. This will be on a phased basis, beginning with the largest employers (those with 26+ employees) and over the following 15 months, smaller employers will also need to provide approved pensions.
Employers not already offering an approved pension scheme will be legally obligated to enrol their employees into a secondary pension.
Given the importance of this transition, now is the time to become informed and prepare—both as an employer and an employee.
Introducing Your Island Pension (YIP)
The States of Guernsey have partnered with Sovereign Pension Services (CI) Limited to launch the Your Island Pension (YIP) – an affordable secondary pension scheme.
YIP will be available from January 1st, 2024, allowing employers and employees ample time to adjust to review their options.
Understanding the ins and outs of secondary pensions is crucial, not just for compliance, but also for making informed decisions that could significantly impact the future financial well-being of both employers and employees.
To help you understand secondary pensions and YIP the Chamber of Commerce has arranged a series of events to answer all your questions.
During these events, attendees will receive comprehensive information on the mandatory requirements of the secondary pension policy and details on Your Island Pension (YIP). The information will be invaluable to employers and employees alike as everyone navigates through these changes.
