In 2015, the then Social Security Department undertook a consultation exercise which sought the views of individuals, businesses, and industry experts on outline proposals for a Secondary Pensions system which will encourage the population to make greater provisions for themselves for the future through pensions savings.
In 2015, the then Social Security Department undertook a consultation exercise which sought the views of individuals, businesses, and industry experts on outline proposals for a Secondary Pensions system which will encourage the population to make greater provisions for themselves for the future through pensions savings.
The results of the consultation, and proposed principles for the new system are detailed in the Policy Letter, which was debated by the States in February 2016 (follow this link). The States subsequently approved the principles for the introduction of a Secondary Pension Scheme and directed the Committee for Employment and Social Security to report back to the States of Deliberation with detailed proposals and an economic impact assessment of the proposals.
BWCI Consulting Limited was appointed to carry out the actuarial projections and worked in conjunction with Island Global Research Limited to produce the economic impact assessment. Their final report is available for download on this page.
Updated: October 2019
