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Employers reminded to prepare for secondary pensions

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Thursday 11 April 2024

In less than three months, larger employers in Guernsey and Alderney must automatically enrol eligible employees into an approved pension scheme. From 1st July 2024, this duty will apply to employers with 26 or more employees. The duty will apply to smaller employers over the following 15 months.

Most employees aged between 16 and State Pension Age will be eligible for automatic enrolment.

Deputy Peter Roffey, President of the Committee for Employment & Social Security said:

"We're in the final few months before the legal requirement to provide a secondary pension comes into effect for larger employers. Most of the larger organisations will have already made the necessary preparations but for any that haven't, now is the time to do so.

Looking ahead to 1st October 2024, when the duty to automatically enrol eligible employees into an approved pension scheme will apply to employers with 11 to 25 employees, I expect that there will be some that are yet to make a move. I encourage these employers to start preparing for secondary pensions now as the process can take weeks or months to complete. If employers already provide a pension, they must check with their provider to ensure that their pension scheme complies with the secondary pensions legislation."

Employers can select any qualifying pension scheme, but if their pension scheme isn't made compulsory in their contracts of employment, they may also need to offer Your Island Pension (YIP) to employees as an alternative.

To ensure that everyone will have access to an affordable pension scheme, the States of Guernsey has facilitated the establishment of YIP, which is governed independently by Sovereign Pension Services (CI) Limited.

For employee and employer guidance on secondary pensions please visit www.gov.gg/Secondary-Pensions.

Deputy Roffey will be speaking at the Chamber of Commerce event 'Beyond Savings: Shaping the Future of Financial Stability and Inclusion', on Wednesday 17th April, alongside Peter Neville and Helen Dean.

Peter Neville is the Founder and Chair of Guernsey Community Savings. Helen Dean CBE, CEO of Nest Pensions and the Chairperson of the YIP Governance Committee, is one of the architects of auto enrolment in the UK and responsible for bringing 9 million workers into pension saving.

The event, which is targeted towards the business community, discusses how saving for retirement is essential for our future and the positive impact it could have on our island.

For more information visit www.guernseychamber.com/events.

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