PENSION ALERT – YOUR ISLAND PENSION

IMPORTANT NOTICE RECEIVED FROM OUR COUNCIL MEMBER BRENDAN NOONE:

Please note that any employer needs to have a workplace pension in place by their mandatory operative date.  This date is determined by how many people they had on their June 2024 return (irrespective if they are full or part time)  The dates are here https://yip.gg/employers

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If you have not already done so, you do need to register by the end of this month – otherwise there is a £300 fine.  

YIP provides an easy, simple and affordable solution for local employers to ensure they can comply with the Secondary Pensions requirements. Some of the key features and benefits are detailed below.

For Employers:

  1. No setup costs
  2. No ongoing costs
  3. Simple application and onboarding process
  4. Online Employer Self-Service Portals for easy administration
  5. Integration with Returns Creator and payroll providers to minimise administration burden

For Employees:

  1. No setup/joining costs for members
  2. No transactional or activity-based costs for members (i.e., no fees to transfer in pensions from other providers or for taking benefits)
  3. Online Member Self-Service Portal for Members to self-serve to reduce queries to you
  4. Access to a Financial Wellness Portal to assist individuals with financial education and useful information and help reduce financial stress
  5. Simple 1.00% annual management charge, plus underlying investment fees for members – this covers the annual charge for the trustee, administration and investment management services
  6. We provide a lifecycle investment strategy that automatically adjusts investment risk during lifetime of the pension member to reduce risk as nearing retirement
  7. A self-select range of funds available for those wishing to build their own portfolio

There are several different types of employer, and we have attached 2 types of application as well as a Secondary Pension guide and brochure.

  1. Employer entity that employs people – Employer Application form
  2. Individual who employs please – Individual with employees

YIP can also accept self-employed people if they want a simple and effective way to save for their future in a tax efficient manner.   This form can be obtained by contacting

YOUR ISLAND PENSION      Tel 01481 812200    Email: yip@sovereigngroup.com  www.yip.gg

PLEASE DOWNLOAD THE REQUIRED FORM/LEAFLET BELOW

Your Island Pension (YIP) – Individual with Employees – Application Form

Your Island Pension (YIP) – Employer Guide To Secondary Pensions

Your Island Pension (YIP) – Employer Application Form

Your Island Pension (YIP) – Individual with Employees – Application Form

 

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