It comes after the trustee was found to have acted with gross negligence<\/a> in regards to a fund intended for disabled pilots, although the final judgment has not yet been delivered and published.<\/p>\n \u200bSovereign Pension Services (CI) Limited administers the \u2018Your Island Pension\u2019 (YIP) scheme, established by the States of Guernsey to ensure all workers have access to a workplace pension. <\/p>\n Sovereign Trust (Guernsey) Limited, meanwhile, acts as the corporate trustee.<\/p>\n ESS have been quick to calm, ensuring islanders that the trustee does not hold any assets or funds directly, and claim the committee is \u201cdetermined\u201d to ensure that all pensions within the YIP scheme remain secure.<\/p>\n \u200bTina Bury, President of the Committee, said: \u201cSovereign Trust (Guernsey) Limited, part of the wider Sovereign Group, was appointed some years ago to lead the Your Island Pension Scheme which was established at the direction of the States to ensure all islanders have access to a pension through work.<\/p>\n \u201cThe Committee has been made aware of the court action, which is now nearing its conclusion, and while it would be inappropriate to comment on any implications at this stage, I can confirm we will be considering the final judgment in detail.\u201d<\/p>\n In the $25 million claim brought by a group of 25 disabled former airline pilots the plaintiffs \u00a0claimed the firm mismanaged their money<\/a>, with the business\u00a0\u201cstrongly denying those allegations\u201d<\/a>.\u00a0<\/p>\n When the case started last year, advocates representing the pilots\u00a0claimed the company had \u201cgone to sea with a hole in their boat\u201d<\/a>, risking the group\u2019s money.<\/p>\n The trial\u00a0concluded in October last year<\/a>, following\u00a0the cross examination of Sovereign\u2019s Group Risk and Compliance Director Stephen Hare<\/a>.\u00a0<\/p>\n \n\tRelated<\/p>\n","protected":false},"excerpt":{"rendered":"The Employment and Social Security Committee says it is watching closely after a trustee linked to Guernsey\u2019s States-backed…\n","protected":false},"author":2,"featured_media":318179,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,172264,172265,246,111,139,69,244,245,81,22476,172266,9438,172263],"class_list":{"0":"post-318178","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-employment-and-social-security","10":"tag-ess","11":"tag-finance","12":"tag-new-zealand","13":"tag-newzealand","14":"tag-nz","15":"tag-personal-finance","16":"tag-personalfinance","17":"tag-pilots","18":"tag-sovereign","19":"tag-sovereign-pension-services-ci-limited","20":"tag-trust","21":"tag-your-island-pension-yip-scheme"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/318178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=318178"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/318178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/318179"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=318178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=318178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=318178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/03\/DSCF4454.jpg\")
Pictured: President of the Employment and Social Security Committee, Deputy Tina Bury.<\/p>\n