All working islanders should have access to a decent pension
I will work to increase the proportion of the population having access to a pension scheme throughout their working life reducing the calls of income support and financial dependency on the State.
Actions, I elected I will:
• Bring a proposition to commit the States to establishing (as has the UK and Guernsey) an earnings related Secondary State Pension Scheme, funded by employee and employer contributions, to be operated on an employee opt out basis. The scheme to be private sector managed, tax efficient, low risk, economically managed, open to young, contract, part time workers and the self-employed. The scheme to be in place by the end of the new States term.
• Press the Social Security Minister for a review the Jersey Social Security Pension regulations to provide greater flexibility to ensure people can achieve full pensions (average is around 70%) on retirement including enabling added years buy-ins, Voluntary contributions, also amend the ten hour rule which penalises part time workers.
• Press the Treasury Minister for a revision of the Income tax rules to encourage private sector providers to enter the market for Channel Islands providers, improve transferability of accrued pensions, more flexible asset rules, and draw downs.
• Bring a proposition to commit the States to revise Pension legislation to enable pension splitting on divorce as an alternative to capital offset against the shared value of a family home, a practice which is unfair and damaging.