Secondary Pensions

Overview

Secondary pension requirements in the Bailiwick of Guernsey

The States of Guernsey have introduced a requirement for all Bailiwick of Guernsey employers to auto-enrol their staff into a pension scheme”.

What's the requirements?

From 1st July 2024, all Employers will need to automatically enrol their Designated Employees and pay minimum contributions (see graph for details) into a Approbated Pension Scheme. Nearly all Guernsey and Alderney employees will be Designated Employees. The approach is very similar to the UK Government’s establishment of auto-enrolment in workplace pension schemes.

Secondary pensions was phased depending on the number of employees each employer had. Secondary pensions is now fully operational and applies to employers with only one employee.

What does this mean for my business?

All employers need to establish and operate a pension scheme for your employees. BWCI can to your through the requirements, how they apply to your business and provide you with the pension scheme.

If I am setting up a business, what is my deadline?

You must auto-enrol any Designated Employees within 3 months of you employing them. This means you should really set up the pension scheme at the same time or shortly after setting the business up.

Which of our employees must we enrol?

Every employee who is a Designated Employee must be auto-enrolled within 3 months of becoming an employee. A Designated Employee is;

likely to earn above the Lower Earnings Limit over the calendar year for Social Security contributions must be auto-enrolled
resident in Guernsey, Alderney and Herm (but not Sark)
who are aged between 16 and below their States of Guernsey Pension Age.

Please note self-employed individuals currently do not need to be auto-enrolled but we can still provide a pension plan for them.

What sort of pension plan must we use?

In order to met these requirements, the pension plan must be Approbated. This means the pension plan has certain features as determined by States of Guernsey.

How can BWCI help?

BWCI have been providing pension solutions to local employers for over 45 years and provide a range of local, highly personalised, cost effective pension solutions to meet your requirements. We can offer:

Complete local solution.

A complete local solution through one of our existing Approbated pension solutions.

Flexible solutions for all companies.

Flexible solutions for all companies; large, small, commercial and finance sector.

Bespoke solutions for companies.

Bespoke solutions for companies with complex needs.

Advice on existing pension arrangements.

Advice to ensure your existing pension arrangements are providing the best possible solutions to you and your employees.

Complete local solution.

A complete local solution through one of our existing Approbated pension solutions.

Flexible solutions for all companies.

Flexible solutions for all companies; large, small, commercial and finance sector.

Bespoke solutions for companies.

Bespoke solutions for companies with complex needs.

Advice on existing pension arrangements.

Advice to ensure your existing pension arrangements are providing the best possible solutions to you and your employees.

Speak to our Secondary Pensions expert.

Speak to our key contact John Martin and he can help you with any questions you have on secondary pensions.

Contact John

+44 (0)1481 728432 pensions@bwcigroup.com

Secondary pension requirements in the Bailiwick of Guernsey

What's the requirements?

What does this mean for my business?

Which of our employees must we enrol?

What sort of pension plan must we use?

How can BWCI help?

Complete local solution.

Flexible solutions for all companies.

Bespoke solutions for companies.

Advice on existing pension arrangements.

Complete local solution.

Flexible solutions for all companies.

Bespoke solutions for companies.

Advice on existing pension arrangements.

Speak to our Secondary Pensions expert.

Contact John

Got questions? We've got the answers.

Ready to discuss your pension options?

Looking to transfer a pension plan?

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