I live and work in Jersey. Can my employer offer me this ISP, so I can access my savings before the age of 50 or on a trigger event? If they can’t be offered to local residents why are they a good thing for the Island?
ISPs are for non-residents only, however Jersey benefits from the day-to-day running of such schemes, which also require local legal services and banking facilities.
Are ISPs available to residents in the Gulf region only?
No. Whilst ISPs were designed with the Gulf Cooperation Council member states in mind, in particular those where there is a legal obligation on employers to provide “end of service benefits” to their employees, they are available to international employers in other parts of the world.
Does a multi-national company have to have a minimum number of employees before they can set up an ISP?
There is no minimum requirement for the number of employees needed to set up an ISP.
I am an employee, based in England, of a multi-national company offering ISPs. Can I have an ISP and a pension?
Yes, it is possible to have both an ISP and a pension. Your employer decides whether to offer an ISP in addition to a pension.
If ISPs are offered around the world, what makes Jersey’s ISP different? Why would a multi-national company choose Jersey over another jurisdiction?
Jersey is a well-regulated and politically stable jurisdiction which is attractive to multi-national companies. Jersey also has almost 14,000 finance professionals and more than 60 years’ experience in wealth management, so the jurisdiction is ready to service and support multi-national companies wishing to set up ISPs in Jersey.
I am a multi-national company and I want to set up an ISP but offer different benefits to different categories of employees – can I do this?
Yes, ISPs are a flexible product that can be tailored by the employer for the benefit of employees. An ISP can have different categories for different employees. For example, ISPs can have specific benefits for Gulf region employees, such as an EoSB section, and different benefits for employees in other jurisdictions, such as pensions, savings or shares.