Secondary Pension Consultation
The Social Security Department seeks the island's views on secondary pensions. Closing date 2nd October 2015. Many islanders do not realise that the full rate of State pension (currently £201.03 per week) is available only to those who have made 45 years of social security contributions at the time they reach pension age. Fewer contributions mean a reduced State pension, and currently 3 out of 4 people do not qualify for a full Guernsey pension.
One of the outcomes of the recent States debate on the Personal Tax and Benefits Review was that the social security department should report back to the States Assembly with policies aimed at ensuring that more people make adequate provision for a pension to make them comfortable in their pension years. Part of this process is to seek the community's views on secondary pension arrangements.
Deputy Allister Langlois, minister for Social Security said,
"Our population demographic is changing. This is good news, on average people are living longer, but this has implications for the island and how we support ourselves and others as they reach retirement age and beyond. Those who don't make adequate provision for themselves with a personal pension may be reliant on the tax payer through the benefits system. We need to address this and there are choices we need to make about how we do this. We are launching this consultation because we want to hear your views about pension provision in the future and how you think that should be managed."
On behalf of the IOD we strongly urge you and your employees to engage in this essential debate.
The consultation launched is open until Friday 2 October 2015, available on in the consultation section as an online questionnaire Go to:
Printed copies are also available in States owned buildings and other points around the island.