The Tourism Workers Pension Scheme (TWPS) was established by the Tourism Workers Pension Act 2019. It will be funded by regular contributions payable by Tourism Workers and by their employers. It is designed to cover all workers in the tourism sector (whether directly employed or on contract or self-employed) and will provide retirement pensions for all categories of workers in the tourism sector. These include workers in several areas of the industry, including accommodations, craft, tour operators, red cap porters, attractions, watersports and contract carriage operators.

The TWPS will be managed by a Board of Trustees who will appoint an Investment Manager and an Administrator to manage the investments and operations of the Scheme. The TWPS will be tax-exempt and regulated by the Financial Services Commission (FSC).