Non-UK based employees
Guernsey
The States of Guernsey have introduced legislation that requires employers to provide a pension scheme for their employees.
To meet its obligations, from 1 July 2024, Whitbread will enrol all designated employees into Your Island Pension (YIP), the approved pension scheme that has been set up by the States of Guernsey to help islanders save for their retirement.
You’re a designated employee if you’re:
- Aged between 16 and State Pension Age
- Resident in Guernsey, Herm, Jethou or Alderney
- Likely to be earning above the Lower Earnings Limit
- Not in full-time education.
However, even if you don’t qualify as a designated employee, you can still ask Whitbread to enrol you into YIP.
Once you have been enrolled, YIP will send you details of how to access their member self-service portal (MSS). You can check and update your personal details on the MSS, update your beneficiaries and find out more about your investment options.
How much will I be saving?
To help people (and businesses) adjust, the amount you pay will increase on a phased basis over eight years, starting at 1% from you and 1% from Whitbread until 2026. They will reach a maximum contribution rate of 6.5% (you) and 3.5% (Whitbread), from 2032 onwards.
You may also be entitled to tax relief on your contributions, which will reduce the cost to you.
Find out more at https://yip.gg/about/contributions
If you want to pay more than the minimum, opt in or opt out, you can manage this through Dayforce. If you opt out, please note that Whitbread will need to re-enrol you every three years if you remain a designated employee.
Republic of Ireland
The Republic of Ireland is introducing a new retirement savings system for employees called auto-enrolment that will require all employers to provide a pension scheme for their employees from 1 January 2025.
Team members will contribute 1.5% of their gross earnings, to be matched by Whitbread, and topped up by the State. These rates will gradually increase every three years, reaching a maximum contribution rate of 6% per employee, 6% for Whitbread, plus 2% from the State, from 2034 onwards.
People aged between 23 and 60, who do not have a pension scheme and earn more than €20,000 a year, will be eligible for auto-enrolment. Team members who do not qualify will be able to opt in, as long as they don’t already have a pension scheme.
Whitbread will write to all ROI team members with more details later in 2024.
Find out more at https://www.gov.ie/en/campaigns/0ab04-automatic-enrolment-for-pensions-hub