The States of Guernsey has agreed in principle for the development and introduction of a secondary pensions regime in Guernsey.
This decision has been taken following an outline proposal which was put together by the Social Security Department as a result of the March 2015 States debate on the Personal Tax, Pensions and Benefits Review.
Much of the detail has yet to be determined on the secondary pensions regime, but in basic terms employers in Guernsey would have a legal duty to enroll their employees into the new secondary pension scheme, or into another qualifying scheme. Employees can choose to opt-out, but experience from elsewhere suggests that most people who have been enrolled into the pension scheme will stay in.
Further information can be found here.
If you are an employer and/or an individual and wish to discuss how the proposed secondary pensions regime could impact you, please call a member of our Sales team who will be happy to speak with you.