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.