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INVESTMENTS
Do you want a
better deal in
by LINDSAY WRIGHT
ACCOUNT DIRECTOR,
EMPLOYEE BENEFITS DIVISION
Alexander Forbes Channel Islands Ltd
pensions?
If you are an Employer in Jersey you will know that providing a ✔ On line access providing accurate, up to date information
good quality Pension Plan puts you at an advantage in recruiting ✔ Read and write access
and retaining quality staff. ✔ Flexibility to switch and/or re-direct funds when required
✔ Very low and explicit charges ensuring investment growth is
However good quality pension plans are few and far between maximised
in Jersey and there have been many concerns over some of ✔ No entry or exit charges
the arrangements that exist, including:- ✔ Full transparency
✖ Low investment returns ✔ Easy to understand
✖ Very little or no investment fund choice ✔ Full portability of benefits
✖ Inefficiency ✔ Facility to make additional contributions
✖ Inflexibility ✔ Free helpline
✖ High costs
✖ Poor administration For Employers:
✖ Incorrect or out of date information ✔ Administrative issues dealt with by a professional impartial
✖ Surrender penalties for early leavers independent corporate trustee
✖ Lack of support and advice ✔ No need for independent trust deed approval
✔ Transparent and clear service level agreements
This has in turn led to many Islanders not saving enough for ✔ Full training provided
their retirement and highlights even more the real need in Jersey ✔ Range of optional additional services
for not only more choice when it comes to pensions, but that ✔ Efficient governance
ideally every Employer in the Island, irrespective of their type of ✔ Simplified administration
business or size, should be able to offer a quality pension scheme ✔ Will substantially reduce administration and governance
to their staff that provides real benefits, without costing a fortune. costs.
✔ Fixed one off set up fee and fixed ongoing fee – no hidden
To this end Alexander Forbes Channel Islands Limited has now charges
put together THE JERSEY PENSION PLAN, a single Defined ✔ A benefit that is actually understood and appreciated by the
Contribution pension plan that can cover every employer in staff
Jersey, the first pension scheme ever devised specifically for the
Island, its Employers and Employees. For Jersey:
✔ Reduces long term strain on Government Revenues
The Plan is the first scheme to harness the collective purchasing ✔ Provides reassurance to Jersey residents
power of Jersey’s employer community and will be ideal for ✔ It will improve the long-term savings ratio in Jersey thus
companies with inefficient employee pension arrangements or reducing spending and decreasing inflation.
with no scheme at all. ✔ It will widen choice at a time when insured pension choice in
Jersey is decreasing.
The Plan is simple. There is one governance mechanism and one ✔ It will provide a considerably more efficient pensions savings
administrative platform. Staff can be enrolled on-line, will have vehicle than some of the current alternatives
full read and write access to their pension accounts and will be
offered a range of investment options including a default option About Alexander Forbes
for those who want decisions taken for them. They will also have Alexander Forbes Limited is listed on the JSE Securities Exchange
access to a telephone helpline to answer their queries. South Africa and has been ranked as one of the top 10 firms of its
kind in the world. Over 4000 personnel, based in more than 30
All this simplicity and ease of use brings with it other major countries in Africa, Latin America and Europe, deliver financial
benefits – a serious reduction in time spent having to administer services to small, medium, and large organisations and to
a pension scheme, and of course very low costs! individual clients. Our focus is on a fast efficient local service by
In summary, the key benefits will be:- empowered local management in every country where we
operate. Within the Channel Islands, we have offices in Jersey
For Employees: and Guernsey employing over 40 staff. In addition to our
✔ Access to a range of award winning investment funds extensive local client base, the position of the Channel Islands as
✔ Default fund fully lifestyled a leading International Finance centre means we act for clients
✔ Quality active management at very low cost around the world.
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