A pension is the money you will use to live on in retirement. Provision for sufficient income in retirement is therefore a vitally important issue and one which needs to be considered upon entering employment. The Falkland Islands Government administers two pension schemes locally, the Retirement Pension Scheme and the Falkland Islands Pension Scheme.
The Retirement Pension Scheme
The Retirement Pension Scheme is a compulsory system of state (social security) pensions which provides a minimum level, or first tier, of income in retirement for contributors.
The scheme is legislated for by The Retirement Pensions Ordinance 1996. This Ordinance makes provisions relating to pensions payable on retirement or to widows and widowers, and connected matters.
Follow the link to find out more about the Retirement Pension Scheme and how it impacts on you. Link to Retirement Pension Scheme
The Falkland Islands Pension Scheme (FIPS)
Fundamentally the FIPS is a defined contribution (money purchase) pension scheme. This means that the value of the pension you can expect to receive is directly linked to the amount you invest in the fund. This scheme is akin to a private pension scheme.
The FIPS is compulsory for most Government employees, and some private sector employees, but for others making a contribution to the scheme is optional.Proceed to the website www.fipension.co.uk to find out more about FIPS and how it impacts on you.
It is never too early to start planning for your income in retirement. If you require any further information in relation to either of the above schemes please contact the Pensions Office on +500 28416 or +500 28417.