Currently there is no watchdog to oversee pension schemes set up by companies locally, although the UK scheme providers are subject to the Insurance Business (Jersey) Law.
The Island’s financial services regulator, the Jersey Financial Services Commission, has confirmed that there are around 1,500 such company pensions in Jersey and Guernsey which are not regulated at all in terms of rules, contribution rates, what the employers and trustees are responsible for, or the information that should be provided.
A Commission spokesman said that the matter was being looked at ‘in great detail’ in order to decide whether regulation should be introduced, who should carry it out, whether this would be a good opportunity for the islands to cooperate and, if so, in which island it would be based.
