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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Meet our Team – Luke Smith
Luke is a Chartered Accountant who began his journey with the Big-4 firm KPMG before taking the lead in developing Purpose, an award-winning accountancy business based in Jersey. Luke is now Managing Director of Offshore Payroll and a Partner in a successful, boutique Private Equity firm that has created a portfolio of local high performing, synergistic, professional services businesses across industry sectors. With over 24 years’ experience in accounting, finance, and business evolution Luke acts as an advisor to the boards of over 30 owner-managed businesses in Jersey with turnovers of £1M
In 2019, Luke spotted a unique opportunity and led the acquisition of Offshore Payroll Limited, determined to assemble a dynamic team that could take the company’s growth and technological capabilities to the next level. His passion for innovation drives him to continuously explore new ways to leverage technology, to streamline and add value to businesses.
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Jeralie was a member of the team involved in the acquisition of Offshore Payroll in 2019. As former Executive Director of one of Jersey’s leading recruitment companies, Rowlands Recruitment, she has over 30 years of experience in the employment markets across NZ, Australia and Jersey and during that time gained extensive business experience in Payroll Services and a Remuneration Survey.
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Business preparedness, emergency and continuity are all subjects that most business owners have discussed during their annual strategy days. Fortunately, most have never had to implement these plans – until March 2020.
We all know that COVID-19 pandemic has changed the world of work forever. Homeworking, changes to contracts, government benefits and employee furloughs have all had to be considered and managed.
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With often whole workforces based at home, companies have had to urgently manage both the logistical and emotional challenges of keeping teams operational and happy. These issues don’t even take into consideration the potential of higher levels of sickness, leaving many businesses’ shorthanded, at the same time as possibly being over-staffed – it’s often one or the other, but rarely both.
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It has become apparent, very quickly, that the organisations who were able to adapt best to these new challenges were those who had embraced cloud-based working. Their teams were able to work from home more efficiently, and the administrative functions of their business, such as HR and payroll, were able to continue seamlessly.
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The COVID-19 pandemic has forced rapid change to the way we work, collaborate and manage our teams. It has also quickly proven that people can work well from home. Even when the health crisis ends, home working won’t, which means that innovations to our HR policies and processes, including payroll will continue to be a worthwhile and valuable investment.
If you would like to discuss how Offshore Payroll could help your business, please email info@offshorepayroll.com to arrange a chat.
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