The Schedule to The Secondary Pensions (Guernsey and Alderney) Law, 2022 sets out the essential criteria a pension scheme must meet to be an approbated pension scheme.
This includes the requirement that the scheme must fall under the Pension Scheme and Gratuity Scheme Rules 2021 or under an equivalent or similar statutory pensions regulatory regime in the British Islands (save that this does not apply to the Public Servants' Pension Scheme) unless an exception to this criterion is given in this Statement of Practice.
Such exception may approve a jurisdiction subject to specified terms and conditions. Consideration will be given to the appropriateness of the regulatory regime in that jurisdiction and ability for Guernsey based employees to have recourse against a pension scheme.
It will always a be requirement of the exception that the employer participates in that scheme prior to the commencement of the Law.
Note that the British Islands includes England, Scotland, Wales, Northern Ireland, Jersey and the Isle of Man.
Jersey
At the time the secondary pension legislation was introduced, there was no equivalent pensions regulatory regime in Jersey. Recognising that many businesses operate across the Channel Islands, there is an exception to that regulatory requirement where a scheme is established in Jersey and the employer participates in that scheme prior to the commencement of the Law.
Canada
An exception is granted to defined benefit pension schemes established in Canada where the employer participates in that scheme prior to the commencement of the Law. Such exception is time limited for two years following the introduction of compulsory auto enrolment, so will apply until 30 June 2026.
Commencement of the Law
The Secondary Pensions (Guernsey and Alderney) Law, 2022 commences on the following dates:
- in Guernsey, Herm and Jethou - on the day on which it is registered on the records of Guernsey, which is 4 September 2023
- in Alderney - on the date prescribed by regulations of the Policy and Finance Committee of the States of Alderney, which is 26 September 2023
Published: October 2023
