Secondary Pensions

The States of Guernsey has passed approval for the introduction of a Secondary Pension Scheme that will make it a mandatory requirement for all Guernsey employers to enrol eligible employees into a qualifying pension scheme. That means every employer will have to offer an approved pension for its staff.

We understand that sourcing, creating, monitoring and administering a new company based pension scheme can often be a minefield. What is the best option for your business? What is the best option for your valued employees? How much oversight will you have? What is the cost? How long is your organisation tied into the provider? What paperwork do we need to fill in? How long does the process take? What impact will that process have on your business? with so much information available it can start to be very confusing….Concept Group can take all that stress and hassle away, allowing you a smooth transition to be able to focus on your business while being assured that your compulsory Secondary Pension offering that your business offers is a market leading benefit for your staff!

Why is a Secondary Pension being brought in?

Because the States’ own old age pension fund is running out, with people living longer in retirement there will simply be too many retired people for those working and contributing to support. This is often referred to as the demographic time bomb.

The diagram below highlights the need for everyone to take more responsibility over their financial future.

Dependency Ratios of Workers to Non-Workers. The dependency ratio of Guernsey and Alderney combined is set to increase between now and 2050 from approximately 55% to in excess of 80%. By 2025 the number of people aged 65 or over is expected to be 44% higher than in 2012; indeed by 2050 it is expected to have doubled.

In addition it is estimated that approximately 60% of the working age population are not making any personal pension provision and this scheme has been introduced to encourage everyone of working age to save more for their retirement and not rely solely on the States old age pension and tax-funded welfare benefits.

So why should you contact Concept Group?
Well…

  • We are locally owned and run and have been since our formation in 2006. Which means that while our reach is international our knowledge and experience of servicing Guernsey organisations is second to none
  • Our range of pension products are long standing and trusted by many Guernsey based businesses
  • Concepts management team have pioneered the development of many of the Islands Pension Products, with the widest industry knowledge and experience you can rest assured that your company and employees pensions are in the hands of the experts
  • Our Directors were closely involved in the development of the Secondary Pension scheme, allowing us acute knowledge and insight into what are the best solutions for our Islands companies
  • All of our fees are simple, transparent and there are no ‘hidden surprises’ what you see is what you get
  • Concept have a wide range of ‘off the shelf’ products but we are also experts in working with our partners to create bespoke options as we understand that not every requirement is the same
  • Our arrangements are centred on investment performance, the key to any pension
  • We have an expert support and administration team with a wealth of knowledge who are on hand to communicate effectively with you every step of the way
  • Concept Groups Secondary Pension offering has been designed to not only provide you with peace of mind and best service but also to minimise the disruption and stress caused to you. We will do all the heavy lifting allowing you to get on and do what you do best…running your business!

If you would like to speak to one of our team or have any further questions we would be delighted to help and you can contact our offices using the below details.



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