Guernsey and Alderney secondary pension scheme delayed
The introduction of a government-approved secondary pension scheme for Guernsey and Alderney has been delayed.
The scheme was due to be established in 2022 after being approved by deputies, but Brexit and Covid-19 have caused a delay.
No alternative start date has yet been proposed. A delay was not unexpected given the challenges of the past year, and that it could help businesses already hit by the pandemic prepare for the scheme’s implementation.
Local employers will be obliged to offer a pension scheme for staff if they do not do so already, and to make contributions of up to 3.5% of salary.
The default scheme is to be administered by a UK auto-enrolment pension provider specialist, but many businesses are setting up new schemes with local providers.
Details of the delay are set out in Employment & Social Security’s Social Security Contributory Fund Accounts 2020, due to be discussed by the States on 16 June.
Source: Guernsey press Website (Secondary pensions held up by Covid and Brexit | Guernsey Press)
September 18, 2024
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From January 2022, the Jersey 8 hour rule will be replaced with a financial limit. This limit will be equivalent to 8 hours at the minimum wage that is in place at the start of the year.
For weekly paid employees there will be a weekly threshold based on 8 hours per week at the minimum wage. The employer will need to determine, each week, if the employee has reached that threshold and deduct contributions accordingly.
It is possible that an employee may exceed the threshold in some weeks during a month and not others. The Combined Employer Return (due January 2022) will require the earnings for the entire month to be declared for tax purposes but for contributions purposes only the earnings for the weeks where contributions have been deducted should be reported.
For monthly paid employees earnings will only need to be declared for social security purposes where the monthly threshold is reached.
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