International Savings Plans are an innovative savings plan product for multinational employers, available in Jersey from 1 January 2019.
ISPs enable large multi-national companies to set up savings plans in Jersey for non-residents. These plans differ from traditional pensions offered to employees. They are more flexible as they allow a payout to employees before the normal minimum pension age, either on termination of employment or on the occurrence of a major life changing event such as redundancy, ill health or divorce.
Savings plan products are not new. They are offered the world over. However, large international employers setting up ISPs wish to establish them in a reputable well-regulated jurisdiction.
What sets Jersey apart as an ideal jurisdiction for international employers setting up ISPs is our robust regulatory framework and political and economic stability. Jersey’s ISP product is approved by the Jersey tax authorities, a clear example of our Island’s modern and sophisticated legal framework.
Jersey has been a leading international finance centre (IFC) for more that 50 years.
finance industry employees, ready to service and support the needs of multi-national companies
Employees today are more likely to work for several employers in their working lives compared to previously.
Access to savings is vital for employees experiencing life changing events such as the termination of employment, redundancy, divorce, children going to university or children getting on the property ladder. A savings scheme which has flexible rules as to when benefits can be paid out is ideal for employees working for multinational companies where traditional pension schemes are not available.
The Gulf Region
Gulf-based companies wishing to set up Jersey ISPs can contact Richard Nunn, our Head of Business Development (East) at Jersey Finance, for more information and advice. Richard is based in Dubai and travels extensively around the Gulf region.