Guernsey’s pensions sector is well placed to respond to the needs of an increasingly mobile global workforce, industry leaders said at the Guernsey Pensions Seminar on 15 June.
The webinar explored how changing work patterns, international careers and the rise of remote working are creating new expectations around pension portability, flexibility and continuity.
Helen Dean CBE (pictured), Governor of the Pensions Policy Institute, delivered a keynote address on the significance of changing work patterns and how Guernsey can remain at the forefront of pension reform.
“It’s not just about keeping up with change, it’s about shaping it. The next generation of pension professionals will assume that their pension travels with them… they won’t ask whether it works internationally. They’ll expect it to, and jurisdictions that anticipate that expectation have an opportunity to lead.
“Guernsey has the opportunity not just to participate in the future, but to shape it, because it seems like global mobility is not just a passing phase, it’s part of the new architecture of work for many people. That’s exciting, it’s important, and it’s why this event today really matters.”
Speaking during a panel session, industry experts highlighted how traditional, regional pension structures are no longer aligned with the way employees and businesses now operate, with globalisation allowing for greater movement between jurisdictions throughout their careers.
From an employer perspective, Alessandra Santiago, Head of Pensions and International Benefits at Inchcape, explored some of the practical challenges global mobility presents.
“In this new world we need people to move quicker from one side to another… and one of the main challenges we face when moving people abroad is actually pensions, because it’s very difficult to provide continuation to people in their pensions.
“We definitely need to come up with a solution that is consistent and provide continuity for employees as people move from one place to another.”
Stephen Ainsworth, Senior Partner at BWCI Group, pointed to the flexibility of Guernsey’s innovative pension structures as a key differentiator.
He said: “What the Guernsey pension providers can provide is a tried and tested pension solution, offered by experienced pension professionals in a secure and well-regulated environment.
“There can often be time pressures to deliver a competitive solution rather than what traditionally we would have done, which is design a highly bespoke solution over a period of months. Now they want a solution within a matter of days, and this is what Guernsey pension products can provide.”
Rachael Sanders, Associate Director at Concept, explained how Guernsey’s framework has evolved to support members, providing greater autonomy in their pension arrangements.
“They have 24-hour access to their portfolios… if they want to change investments, they want it done pretty much immediately.
“That gives members a lot more flexibility… they can do a lot more of what they want and invest in what they want to do, and a lot quicker than ever before.”
Neil Byrne, Director at TFO Tax, reiterated why corporates and individuals alike continue to opt for Guernsey pension plans, including the next generation of the global workforce. “Guernsey… is a very friendly jurisdiction as far as pensions are concerned… the legislation is very mature… it’s well established… and it interacts well with other jurisdictions.
“We are seeing a lot more younger clients who are asking questions about pensions… those discussions now are taking place with people in their 20s and 30s… They might not have plans to stay in the UK, so they’re looking at alternative pension schemes and jurisdictions like Guernsey.”
