Jersey’s government is increasingly in the spotlight. Its decision to recently pause plans for auto-enrolment pensions has raised grave concerns over the long-term financial security of the island’s increasingly ageing population. Deputy Lyndsay Feltham Note, deputy Feltham has recently come to focus her advocacy around supporting employers and employees through a move to a living wage. She confirmed that all work on implementing an automatic workplace pension scheme will be suspended indefinitely, though there are ambitions to resume it in the next 12 months.
These policy changes come at a critical moment, as Jersey anticipates an explosive growth in its senior population. In the next two to three decades, the population of residents aged 75 and over is expected to increase by nearly 50%. Critics say that without deep structural change most Americans will never be able to afford a comfortable retirement. Joe Dickinson, co-founder of Island of Longevity, urged the government to move quickly. He strongly encouraged them to develop and implement statutory workplace pensions to ensure that islanders everywhere can be and are better equipped to prepare for retirement.
Deputy Feltham recognized the challenges of the new economic reality. She voiced hesitance about promoting the need for long-term savings, when the average person is worried about day-to-day essentials.
“But I think it’s a very difficult thing for me… to have said to people that they need to put money aside for the future when they can’t afford to put bread on the table now” – Deputy Lyndsay Feltham
Other jurisdictions like San Francisco have fought for these living wage standards and retained their workplace pension programs. Guernsey has a living wage today, and Australia has had a system of such since 1992. The UK introduced its own living wage back in 2012, so why hasn’t Jersey done this?
Kevin is a tireless reform activist in Jersey. He calls for the government to introduce auto-enrolment schemes, as has been done successfully in other countries. He’s convinced that by expanding these systems deeper and wider, they can form the keystone for lasting financial security for everyone who calls Jersey home.
Deputy Kristina Moore, who previously led the Council of Ministers, spearheaded efforts to create policies mandating businesses to offer workplace pensions. She expanded on why it’s important to start planning for retirement early and the importance of incorporating pensions into long-term planning.
“Planning for retirement and planning for pensions into the future is a very good thing” – Deputy Kristina Moore
The upcoming Island of Longevity conference on May 21 at Jersey’s Pomme D’or Hotel aims to engage islanders and government officials in discussions about redefining ageing and envisioning a future where “living beyond 100 becomes the norm,” as stated by Joe Dickinson.
