New pensions provider for Guernsey announced

The new scheme is due to start from January 2023

A provider has been announced for Guernsey's new secondary pensions scheme.

Employees will automatically enrol into Your Island Pension (YIP) which will start in January 2023.

Sovereign Pension Services (CI) Limited was chosen as the States of Guernsey's preferred bidder.

Employers will be required to contribute at least minimum levels into either a qualifying pension scheme or into the new secondary pension scheme.

The auto-enrolment obligations for employers will be phased-in according to the number of employees, starting with larger employers, the government said.

A spokesperson said the main aim of the secondary pension scheme was to "support more working age people to save for their retirement, enabling them to enjoy a more comfortable retirement and controlling welfare expenditure in the longer-term".

Sovereign Pension Services (CI) Limited which was selected following a tender process with local pension providers, will operate the scheme in conjunction with Ravenscroft.

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