Alderney firms given pension talk

Friday 24 March 2023

Gower Financial Services has stepped into the breach to explain to Alderney businesses how the Secondary Pensions scheme will work.

A presentation by Associate Director Paul McCormick (pictured) and Scott Rowe, Director & Trustee of Gower Pensions, organised and hosted by the Alderney Chamber of Commerce, provided information on the requirements of the Secondary Pension framework.

“It was a pleasure to deliver much-needed information on Secondary Pensions to the business community in Alderney,” said Mr McCormick. “The audience was fully engaged with the subject and the ensuing discussion was both lively and interesting. We will continue to update local business owners as more information is made available over the coming months.”

An approved secondary pension becomes mandatory for larger employers with 26 or more staff from July 2024. Employees will be able to opt out of the secondary pension arrangement made by their employer if they wish.

The legislation will require employers to automatically enroll employees into a qualifying pension scheme and, providing the employees does not opt out, to make minimum contributions that will increase each year until certain limits are met.  

Around 30 Chamber of Commerce members attended the presentation and lunch at the Braye Beach Hotel, which included a question and answer session on the finer details.

Andrew Eggleston, President of the Alderney Chamber of Commerce, added: “This was a welcome presentation offering sound advice to our members whose interest in the subject led to such an absorbing and diverse discussion.”