In 2016, the first part of the Social Security Review: Living Longer Thinking Ahead helped us to understand the public’s views on saving for retirement and income in retirement, including how the Social Security old age pension fits in with the other ways that people save.  During those consultations most people agreed that the government should look into workplace pensions (84%) and the Social Security pension (83%).

The Government has published a new research report on Financial Wellbeing to help establish what needs to be done to help Islanders remain financially independent later in life.

The report describes:

• the current picture of retirement saving and retirement income, including the Social Security old age pension
• the environment in which Islanders can make their own provision for old age, including employers and the pension industry 
• how the Government can bring about greater financial provision for old age
• options for further consideration
  

The Government commissioned D3P Global Pension Consulting (D3P) to help take this work forward in 2019 and 2020.  D3P researched and discussed the issues with stakeholders and provided options for further consideration.  Their work was put on hold due to the pandemic and has now been restarted with the publication of the report.  

The report considers how the pandemic has affected the need for the government to solve long-term demographic challenges, such as this.

The main options explored in the report include:

• developing mandatory saving provisions in workplaces
• auto enrolment into workplace pension schemes 
• improving the Social Security system
• boosting existing workplace pension plans
  

The Social Security Minister is grateful to D3P, the many industry representatives and other members of the public who have taken the time to share their views and ideas on this important issue. 

The next Council of Ministers will be briefed on these issues and the ongoing work will be prioritised according to their strategic priorities.