Press Release - Secondary Pensions 11.03.2022

Secondary pensions contributions could be phased in over seven years

A Bailiwick scheme to provide secondary pensions for employees, scheduled for implementation in 2023, was presented in a meeting for the Alderney public.

A delegation led by Deputy Lindsay de Sausmarez, Vice-President of Guernsey's Committee for Employment & Social Security, visited the Island on March 7^th to explain the proposed legislation.

She was accompanied by Ed Ashton, Director of Operations for Social Security & Inclusion and Stacey Wilen, Project Manager for Secondary Pensions, with Deputy David Mahoney, employment lead on the Policy & Resources Committee, in attendance remotely.

They discussed the proposals with States of Alderney Members and representatives of the Island's Chamber of Commerce in addition to an open meeting for the public in the evening.

The main aim of the secondary pensions 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.

It is estimated that almost two-thirds of the Bailiwick's working age population are not making any personal pension provision. Alderney employers and employees will only be subject to the scheme if the States of Alderney agrees that it should apply in Alderney.

Bill Abel, Chairman of Alderney's Policy & Finance Committee (P&F), thanked the delegates for attending and apologised for a low public turnout.

He said: "The relatively slow build-up of the pension contribution rates over a seven-year period should not be of significant impact even in these difficult times. We were disappointed in the low numbers of the public attending the open evening meeting on what is such an important long-term issue for both employees and employers."

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