Creating a national workplace pension system is a significant challenge for any country, but for island nations with smaller populations, more limited resources and the need for tailored engagement, the task can be even more complex.
When Sovereign Pension Services partnered with the Guernsey government to create and launch the island's auto-enrolment workplace pension scheme, known as Your Island Pension or 'YIP', the project became a model for how to design and deliver a pension solution that works for an entire community.
It is now 18 months after launch and the scale of adoption tells its own story: over 800 employer applications processed, more than 600 employer schemes launched, over 3,500 active members enrolled and more than £4 million received and invested through contributions and transfers.
