MercoPress. South Atlantic News Agency

Falklands Pension Scheme, board member vacancy for employee representative

The Trustees are responsible for the administration and management of the Scheme in accordance with the Falkland Islands Pensions Scheme Ordinance 1997

The Falkland Islands Pensions Scheme (FIPS) operates under the direction of a Pensions Board, whose Trustees are appointed by the Governor. Expressions of interest are now being sought from any persons who would like to serve on the Board of Trustees as an Employee Representative.

FIPS is a defined contribution scheme open to those who are resident in the Falkland Islands. Contributions can be made independently by individuals, or they can join due to their employment. The Trustees are responsible for the administration and management of the Scheme in accordance with the Falkland Islands Pensions Scheme Ordinance 1997. The Board meets every 3 months to review and discuss a variety of topics associated with the Scheme alongside advice and information from third party organisations.
The Scheme website can be found www.hartlinkonline.co.uk/fips/ and contains more information on the Scheme such as accounts and explanatory booklets.

Trustees will receive training at various stages of their tenure therefore previous knowledge on pension schemes or investments are not required.

If any individuals are interested in learning more about board membership, they can speak to the Chairman of the Board Mr Drew Irvine, or contact the Pensions Office on 28416

Anyone wishing to be considered for appointment to the Board should forward their name and address in writing to Mrs Julie Ford, Pensions Office, Stanley by the 24th February 2025 or by email to FIPS@sec.gov.fk

In relarted news, the Falklands Pensions Department, has updated the increase in contribution rates from January First 2025.

Contributions (per week):

• Employer Contribution £23.34
• Employee Contribution £23.34
• Self-employed Contribution £46.68
• Weekly Voluntary Contribution (Resident) £46.68
• Monthly Voluntary Contributions (Resident) £206.17
• Weekly Voluntary Contribution (Non Resident) £63.08
• Monthly Contributions (Non Resident) £278.60
• Assisted Contribution (Government) £46.68
• Earnings Limit (Weekly) £367.60
• Earnings Limit (Monthly) £1,623.57

The Trustees are responsible for the administration and management of the Scheme in accordance with the Falkland Islands Pensions Scheme Ordinance 1997