Secondary Pensions In Guernsey: Are You Ready For It?

After several years of planning (and delays), The Secondary Pensions (Guernsey and Alderney) Law (Law) is due to shortly come into force for all employers. The Law's fundamental aim is tackling pensioner poverty on the island, by requiring all employers to set up a pension for all their eligible employees, enrol them into it, and begin mandatory contributions.

Recent statistics collected by the States of Guernsey on the issue of pensioner poverty produced worrying results: specifically, that some 60% of the island's population do not save into a pension. The Law seeks to address this issue by creation a system of pensions auto-enrolment, the implications of which for employers and their staff are wide reaching.