Introduction of Alderney secondary pensions presentation

Members of the public will have an opportunity to hear about the importance of introducing secondary pensions at a public presentation next week.

This presentation was originally due to take place last summer but had to be rescheduled due to adverse weather which meant that representatives from Guernsey were unable to travel to Alderney.

The public presentation will now take place at 7pm on Monday 7th March at the Island Hall.

Representatives from States of Guernsey’s Committee for Employment & Social Security will be visiting Alderney to explain what changes will be introduced in Guernsey, and to outline the importance of extending the introduction of secondary pensions to Alderney.

In 2020, the States of Guernsey approved proposals for the establishment of a secondary pension’s scheme and are targeting an implementation date of January 2023. Alderney employers and employees will only be subject to the scheme if the States of Alderney agrees that it should apply in Alderney.

Under new secondary pension’s legislation, employers will be required to automatically enrol all eligible employees into an appropriate pension arrangement, if not already provided, and to make at least minimum contributions. A government facilitated pension scheme, known as Your Island Pension (YIP), will be set up to ensure there is an affordable pension scheme open to all residents. Employees will also pay contributions unless they opt out, in which case the employer need not contribute.

The main aim of the secondary pension’s scheme is to support more working age people to save for their retirement. This is so that they can add some private pension provision to their States pension (formerly old age pension) in order to enjoy a more comfortable standard of living in retirement.