A deferred pension applies to someone who has stopped paying into a state pension scheme but is not yet retired, so continues working either part or full time. The individual can choose to keep their benefits in the scheme and receive their pension income later at a more advantageous rate.
The UK adopted this back in 1948 but in Guernsey, deferred pensions do not exist - you have to start receiving your States’ pension when you reach the statutory age.
The CGi would like this to change. We want the States to offer local employees the option not to take their pension at the usual age but at a time when it suits the individual so they accrue financial benefits.
With a forecast reduction in working population, and increase in the number of Islanders retiring, this would fit with the 'Longer Working Lives' Policy and recommendations adopted by the States earlier this year.
We are to send Federation members a short online survey for their views. The results will be incorporated into our discussions with Social Security.
The relaunch of Skills Guernsey is welcomed by the CGi.
We have written to the Committee for Economic Development on these two initiatives:
• The launch of digital internships focussing on digital skills. The CGi would be willing to coordinate and run a database of companies and students (within the restrictions of GDPR) to help match youngsters and employers willing to ‘support local.’
• The return of ‘Industry Weeks’, run previously by Tony Brassell, CGi member, in his time previously at Commerce and Employment. Students spend time at different organisations each day so they can start to understand the needs of employers.
If members have thoughts and views, please email Clive on firstname.lastname@example.org
The past couple of months have been busy so we can update you on developments within the CGi.
To kick start Guernsey’s economy, we need more people in employment which is achievable through retraining, working past retirement age, bringing in the right labour to fill numerous vacancies, training up youngsters to be better equipped to start work and other initiatives such as the introduction of deferred pensions.
We have held positive discussions with local actuaries to discuss how the island could introduce deferred pensions and the resultant benefits for the States and local employees. We are now to meet with Social Security and will issue a short survey for members to complete.
Last month, Simon Stone, Director of Procurement at the States gave a very interesting presentation to the committee. Simon has a clear mandate to streamline, professionalise and reduce the costs and has already made savings for the States of £3 - £4 million in just one year.
Skills Guernsey is being reborn and we have been talking to the Committee for Economic Development and providing feedback as well as suggesting new initiatives the Island should follow.
Finally, our social visit and tour at the power station in September was very interesting and informative, so thank you to Sally-Anne David, CGi committee member and Director at Guernsey Electricity, for organising that for us.
TWENTY members of the CGi recently visited Guernsey Electricity for an interesting and very informative tour of the power station at Northside.
We were guided around the control centre and three of the stations, including the newest Engine 3D, by Asset Controller, Lloyd Le Page.
Guernsey Electricity’s Chief Operating Officer Sally-Ann David then gave a presentation about the future of electricity and the changing energy industry, our future tariff objectives, energy policy and electric vehicles.
The two hour event finished with snacks and drinks, courtesy of Guernsey Electricity.