Secondary pension scheme is ready to go live in January

It will eventually become mandatory for all island employers to offer their staff a secondary pension, either in an approved scheme or in the Your Island Pension scheme that is being operated on behalf of the States by Sovereign Pension Services.

Managing director Sean Gillease said that there were now 25 companies that were either going to be starting the scheme in January or in the coming months.

The Chamber of Commerce has hosted set up several ‘lunch and learn’ events to help engage with stakeholders.

Even when the mandatory scheme kicks in from 1 July 2024, he said this would be phased, with the larger firms included in the scheme first.

Mr Gillease said Sovereign had already taken on seven new staff to deal with YIP with one more due to be employed.

‘That represents about 20% of the size of our business,’ he said.

‘We’re in a position where we have what we need in place, ready to go.’

Some companies were taking a phased approach themselves in implementing the new scheme, starting with management and then moving to employees in the months leading up to July.

‘We’ve got a small number ready to go from day one and a greater number looking to go ahead from January to July.’

n Guidance about the scheme, including the obligations on employers under the Secondary Pensions Law, is available on the States’ website, gov.gg, while information about YIP itself can be found at yip.gg.