Ravenscroft has been selected as the investment manager for Guernsey’s new secondary pension scheme.
The scheme from the Committee for Employment & Social Security will be known as Your Island Pension (YIP) and aims to encourage islanders to save for retirement.
It was initially due to be administered by a UK-based firm but, after being put out to tender to local pension providers, will now be operated by Sovereign Pension Services (CI) in conjunction with Ravenscroft.
Ravenscroft group managing director Mark Bousfield said it was fantastic to see the scheme being administered and managed by local providers.
‘Ravenscroft is a well-recognised name in Guernsey, having provided investment services for islanders for more than 15 years. We’ve always been actively involved in supporting the community and the scheme’s aim aligns perfectly with ours – to help people save and prepare for their future.’
Due to come into effect in January 2023, the scheme means employers will be required to contribute into either a qualifying pension scheme or into the new secondary pension scheme, following automatic enrolment of their employees. YIP’s main aim is to support more working-age people in saving for their retirement, with an estimated 60% of the population not currently making any personal pension provision.
Sophie Yabsley, head of client services, explained that due to its accessible and jargon-free approach to investing, Ravenscroft was well positioned to understand the needs of those the scheme would be targeting.
‘We firmly believe that investing is for everyone and we’re one of the few investment firms that has an open-door policy. This means the people that YIP targets are people that we see and speak to everyday, so we understand the questions and concerns people may have when it comes to their money.’