Occupational Pension and Savings Schemes

Employee benefit packages are a vital consideration for any employer that wishes to attract and retain the best talent, as well as to maintain a loyal and committed workforce. One of the main components of any employee benefit package is an occupational (also known as ‘workplace’ or ‘corporate’) pensions or savings scheme. Most employees now regard retirement provision as a key part of their remuneration package.

Sovereign has extensive experience in designing and operating occupational pension and savings schemes. Our clients range from large international businesses to smaller firms just starting out. We will work with the sponsoring employer to design an employee benefit plan to meet that company’s specific requirements.

Some jurisdictions in which we operate have introduced ‘auto enrolment’ pensions legislation, which means that employers are legally required to set up a workplace pension, put all their qualifying employees into it and contribute to their pension savings. To assist employers of any size to meet their ‘auto enrolment’ pension obligations, Sovereign can design and set up occupational pension schemes that will satisfy all the criteria.

Whatever your requirements, Sovereign’s global footprint allows us to be close to our clients and understand their needs. Our experienced retirement planning teams are on hand to assist throughout the process, from design through to implementation. We also have the capacity and expertise to administer schemes on behalf of employers, such that clients can be assured of the maximum business benefit and the minimum business disruption.

What we offer and where

Sovereign provides solutions for employers that have internationally mobile employees or who operate in countries where there is no locally recognised pensions framework.
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Companies operating in the Middle East are generally obliged to offer their staff an ‘end-of-service gratuity’ (EOSG) payment when they leave the company. The level of gratuity is based on the individual’s salary and length of service and is payable as a lump sum. Gratuity rules and terminology vary around the Gulf Cooperation Council (GCC) region but generally operate in a similar fashion.
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The Gibraltar Private Sector Pensions Act 2019 was introduced to ensure that every member of the Gibraltar community, including those working in the private sector, is financially protected in their later years.
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Guernsey has passed proposals that will make it mandatory for all Guernsey-based employers to enrol their eligible employees into a qualifying employer sponsored pension scheme under what is being called the ‘Secondary Pensions’ regime. It will also be compulsory for both the employer and employee to contribute a regular minimum amount to the employee’s pension fund.
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Hong Kong combines an established, low tax system with a pensions framework that attracts legitimate and transparent pension planning for both local and international clients. The basis of Hong Kong’s corporate pensions’ infrastructure is provided by the Occupational Retirement Schemes Ordinance (ORSO), which established a registration system for occupational retirement schemes
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The Isle of Man specialises in all aspects of pension planning, from large multinationals to individual clients. All pension scheme administrators are regulated by the Isle of Man Financial Services Authority (FSA) and are subject to a rigorous approval process and on-going regulatory audit.
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Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.