Despite a small amount of opposition, on 8 June the States voted to accept proposals put forward by the Minister for Social Security, Deputy Ian Gorst, to increase the pension age from 65 to 67. The transition will take place over a period of 11 years starting in 2020. The States also agreed to employees having to contribute for longer to earn the full States Pension in line with the changes in State Pension Age. The changes will bring the island's pension age into line with changes agreed by the States of Guernsey in 2010.
BWCI will be running a free short seminar on Tuesday 5th July looking at the changes to the State Pension Age and the wider issues discussed by the minister in his proposal. The seminar will cover the demographic and financial reasons behind the changes, as well as the impact on the Social Security Fund as a result of the changes that have just been agreed.
David Holmes, BWCI's actuary in Jersey, commented: "In addition to the proposal to change the State Pension Age Deputy Gorst also discussed a number of other issues which need to be dealt with by the States in relation to the demographic changes. As well as the obvious effect on the States Pension, the agreement to change the States Pension Age will have a direct impact on many company pension schemes which employers and trustees will need to consider".
The BWCI Seminar "Raising the State Pension Age" takes place at the Pomme d'Or from 3.45pm to 5pm on Tuesday 5th July. For further details or to reserve a place please contact firstname.lastname@example.org or visit www.bwcigroup.com.