The States of Guernsey has announced the launch of Your Island Pension (YIP), the island’s default provider for the incoming auto-enrolment regulations, known as Secondary Pensions.
Following in the footsteps of the UK’s auto-enrolment pension system, YIP will work in a similar way to how Nest Pensions has worked in the UK since its launch as an arms-length organisation in 2008.
The new Secondary Pensions system launches in Guenrsey in January 2023 after delays brought on by the COVID-19 pandemic.
Following a tender process run by the States of Guernsey, Sovereign Pension Services (CI) Limited was chosen as the preferred bidder and will operate the YIP service.
Staging to start in 2023
As with auto-enrolment in the UK, Guernsey’s Secondary Pensions system will roll out to all employers over a period of time starting with larger employers before including smaller businesses.
Sovereign Pension Services Managing Director, Sean Gillease said, “We are delighted to have been selected as the YIP scheme provider. We look forward to working with the States of Guernsey and the wider public to deliver a meaningful benefit to employers and employees in the Bailiwick.”