Personal Finance

The Guernsey Compulsory Pension Scheme is expected to be launched from 2021

Details have not yet been finalised, however it is proposed that the scheme will not be compulsory for individuals, i.e those who are self employed or non employed, however they can make voluntary contributions if they wish.

 

As an employer you will also have to auto enrol your employees in the Pension Scheme.  Unless they opt out, your company will have to pay 1% of their earnings in the first year, increasing to 3.5% over a 7 year period, and they will have to contribute 1% of their earnings in the first year, increasing up to a maximum of 6.5% over a period of 7 years.

 

Check www.gov.gg/secondarypensions to find out how it is likely to affect you.

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