Global Vision, Local Wisdom
Global Vision, Local Wisdom
The States of Guernsey have approved the introduction of secondary pensions, anticipated to be effective from 1 January 2024. For full details including how we can assist with a local pension scheme, please read https://pensions.bwcigroup.com/why-when-how-who-what/
BWCI are holding seminars to help companies understand the new requirements on 24 to 26 January 2023 on different dates/times.
Register for a place at one of the seminars here
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Established in 1979 the BWCI Group is the largest firm of actuaries and consultants in any International Finance Centre globally. We provide a broad range services to our clients based in the Channel Islands, the UK and internationally.
Both Guernsey and Jersey are widely respected as international finance centres with a comprehensive range of financial and investment services. They each have their own legislation and have strong but fair regulation and supervision. As a result the Channel Islands are an ideal location in which to conduct business.
A seismic shift is coming to the local pensions landscape following the States decision to give secondary pensions the go-ahead. The most welcome part is that employers have a choice about which pension scheme to select for their workers. At BWCI Pension Trustees Limited (“BWCI”), we are trying to raise awareness of what it will all mean. Last month we looked at the secondary pension basics: Why? How? When? Who? And what? This month we wanted to answer some more questions from employers.
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After 10 years in the making, secondary pensions have been approved by our deputies at the November States meeting. This is Guernsey’s biggest shake-up of the pensions industry in a generation. Over several years, thousands of islanders who do not have a workplace pension would be signed up for one.
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A draft of the Secondary Pensions Law was published on 3rd of October. This sets out some helpful details for employers planning what action they need to take to prepare for the introduction of Secondary Pensions in Guernsey
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