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Changing roles and working with a new employer

Glossary - Key Terms Contact Us - Secondary Pensions

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  • I'm changing role, what happens to the pension contributions?

    • If you are changing role within your organisation, the pension contributions will most likely continue as before however this will depend on what you agree in your contract of employment.
    • Your employer can change the types of pension scheme they offer within your contract of employment. Offering different schemes or benefits depending on role would be acceptable but they would need to make sure they comply with the Law and didn't breach any other legislation by doing this. For example, they may have provided a condition in your contract of employment that should you work at a junior level, you would be a member of one scheme, and on moving to a higher pay rate and you would move to another scheme and this would acceptable.
    • If your contract of employment doesn't specify the scheme you will be joining you will remain in the scheme you chose in your enrolment Notice, and the deductions, if applicable, would continue as before. If you are still subject to a deferred enrolment any deductions your employer is going to make will begin once you have reached the date on the Notice.
    • If you had previously opted out of the pension scheme in your Notice but your employer is making the pension compulsory in your new contract of employment this would be acceptable. It will be up to you to decide whether you wish to accept the new terms and conditions being offered by your employer.
    • If you have concerns that changes to your employment terms are discriminatory, visit the Employment and Equal Opportunities Service website for further guidance.
  • I'm starting work with a new employer, what happens to my pension?

    • If you are moving to a new employer you should speak to your current pension provider to find out what options you have for keeping your pension pot with them or if this needs to be moved. You should then speak to the new pension provider to find out what options you have for transferring your pension pot to them so you can decide whether this would be in your best interests. 
    • You may be able to leave your pension pot with your previous provider, however you need to make sure this is the best option for you. You will need to consider what the investment options are like in both, will you pay any additional fees for moving the pot, what are the ongoing fees for maintaining your pension pot and do these differ between the two schemes?  Your pension provider will be able to give you information to help you work out what is the best option for you but would not be able to provide you with any formal advice, this would be available from a financial advisor.
    • If your new employer is using the same pension scheme as your last employer, then you should find out whether both employers can use the same pension pot. If they are both using Your Island Pension (YIP) then you can find out more information from the YIP website.
  • Leaving the Island

    • If you are leaving the island, then your pension pot will remain invested, you should speak to your pension provider to understand what options are available to you. They will be able to let you know whether you will be able to continue making contributions or whether you can transfer the pension into another scheme.

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