Expert Views: How Pension Markets Are Evolving Across Guernsey, Malta and Gibraltar
Pensions are a cornerstone of financial security, yet the landscape is constantly evolving in response to regulation, demographics, and the needs of international businesses and individuals. With offices in Gibraltar, Guernsey and Malta, Sovereign is uniquely positioned to deliver pension solutions across multiple jurisdiction, each with its own opportunities and challenges.
To explore these perspectives, we spoke with the Managing Directors of our three pension offices, asking them the same set of questions.
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| Sean Gillease (SG) Managing Director of Sovereign Pension Services (CI) Ltd | Cristina Cassar Difesa (CCD) Managing Director of Sovereign Pension Services (Malta) Ltd | Darren Whitley (DW) Managing Director of Sovereign Pension Services (Gibraltar) Ltd |
Q1. What does the pensions landscape look like in your jurisdiction right now, and how is Sovereign positioned within it?
SG (Guernsey): The pension landscape in Guernsey is going through a period of rapid evolution and growth. There has always been a large number of specialist providers providing services to individual and corporate clients, based both locally and internationally. This continues but following the introduction of Secondary Pensions (auto-enrolment) in 2024 there has been a significant increase in local pension provision, which will help to ensure better outcomes for residents in the future and which has created significant demand in the local market. Sovereign is very well positioned in the Guernsey pension market, providing solutions for personal and corporate clients based in Guernsey and internationally. Sovereign was recently selected by the Government of Guernsey to manage Your Island Pension (YIP), which is a default auto-enrolment solution and was launched in January 2024. Sovereign has also seen increased interest in international retirement and savings plans for large international employers.
CCD (Malta): Until now, the pension market in Malta has primarily revolved around QROPS for UK expats. However, some very exciting things are happening locally as auto-enrolment is finally being introduced. Sovereign is exceptionally well positioned in this landscape, not just because we are one of Malta’ most established pension provider but also because our international experience enables us to partner with employers navigating this new world of auto-enrolment. Our solutions are robust, tried and tested but also tailored which is exactly what the market needs during this critical time.
DW (Gibraltar): Whilst a long standing QROPS jurisdiction Gibraltar has now introduced legislation around compulsory occupational pensions meaning the landscape mirrors that of the U.K. The Private Sector pensions act requirements commenced in 2021 and continues with a phased approach until 2027. Sovereign is now the largest provider of company pensions on the rock and is well positioned to take on all company sizes with tailored solutions to accommodate the act requirements.
Q2. What’s the biggest difference between personal and occupational pensions in your market? Which area is seeing the most growth?
SG (Guernsey): In the employer sponsored pension area (occupational pensions) the main area of focus for us has been the local auto-enrolment initiative, with YIP particularly. In this area we are dealing with business owners, HR professionals etc and their primary objective is to provide a valuable benefit to their employees. Growth in this area has been significant, driven by the compulsory secondary pensions law.
In the personal pension area, we are dealing with individual clients who want to make additional saving for their retirement, or who want to transfer an existing pension to us. This area can be complex and technical and there are arguably fewer providers able to assist in this specialist area than there would have been previously. Sovereign is well placed to assist having been providing these types of scheme for a significant number of years and with in-house technical expertise, including for pension transfer type cases.
CCD (Malta): The key difference is that to date, the majority of demand has come from QROPS and serving the retirement planning needs of UK expatriates. However, the introduction of auto-enrolment is a gamechanger and we expect this will drive significant growth in occupational pensions in the years ahead. Thanks to our international experience, Sovereign is one of the few providers with genuine occupational pension expertise, making us uniquely positioned to help employers build solid, compliant occupational schemes as this new market emerges.
DW (Gibraltar): Occupational pensions in Gibraltar are contributed to by the employer and employee whereas Personal Pensions are solely contributed by the individual. With the new act in force Occupational Pensions are growing at a rapid rate. Within two years from now every employee in Gibraltar will have had to offer one to their workforce.
Q3. What’s one misconception people often have about pensions in your jurisdiction, and how do you address it?
SG (Guernsey): There are many misconceptions. Many people believe that a pension is only worth having if you can afford to put 000’s of £ per month into it. The truth is for those with a decent amount of time to retirement even a small amount added on a consistent basis over a period of time will be worthwhile. I also think many people are nervous about pensions – there are lots of reasons why this view exists but that is one thing that we work hard to address. Trustee responsibility, member value and clear and concise communications are all ways we try to address that issue.
CCD (Malta): One common misconception in Malta is that pensions are only relevant at retirement age, or that the state pension alone will provide sufficient income. In reality, Malta’s state pension is relatively modest and may not cover the standard of living many people expect. Because the private pensions market here is still developing, part of our role is to raise awareness that additional retirement saving is not just optional, but essential for long-term financial security. By highlighting the potential tax advantages, employer benefits, and the flexibility of well-structured pension arrangements, we aim to shift the perception of pensions from a last-minute concern to an important part of future planning.
DW (Gibraltar): That they don’t need one! People often think the state pension will suffice to retire on but as with most jurisdictions across the world that is never the case. We often highlight the reality of what will be available and it works out very modest.
Q4. How does being part of a wider international group like Sovereign enhance what you’re able to offer clients locally?
SG (Guernsey): Being part of a wider group bring various benefits. In previous scenarios we’ve had clients who have relocated between jurisdictions that we have offices and this has allowed us to assist across both sites. In some cases we also have non-Guernsey resident clients who need support or assistance and given we have offices in many of the countries are clients are resident, such as the UAE, South Africa and Singapore we can arrange for them to meet with someone locally. It also ensures we are aware of ongoing developments, issues and trends across the globe as that can often have an impact on our clients and the services we provide.
CCD (Malta): Sovereign’s international footprint gives us a real competitive edge in Malta. We benefit from shared expertise and direct collaboration with colleagues in other jurisdictions. This means we can offer our clients insights and solutions informed by global best practice, not just local market experience. For a jurisdiction like Malta, where the pensions industry is still small and niche, this support makes a real difference. It helps us avoid common pitfalls and shortens the learning curve for clients and employers who are new to pensions altogether. Ultimately, the backing and experience of the wider Sovereign Group enable us to operate at a higher level of maturity and sophistication.
DW (Gibraltar): It enhances our offerings massively. We employee tax advisors, accountants and lawyers across the group so there is a depth of experience beyond that of our retirement planning field to pull on when needed. Occupational Pensions are not unique to us here in our Gibraltar office either. In Guernsey Sovereign are the provider of choice having won the contract for Guernsey Your Island Pension’s. Our experienced across both offices is often shared to good effect so that is a strength and depth that stands us apart from other providers.
Q5. If you could give one piece of pensions advice to a client starting their retirement planning today, what would it be?
SG ( Guernsey): Get started. Even if the amounts you start off with are small – time is your biggest asset and so those small amounts now can make a huge difference in the future. Also make use of any employer support you can get. If your employer offers a scheme and will contribute into it for you – do not leave the scheme – you are essentially giving away free money and you’ll kick yourself down the line.
CCD (Malta): My advice would be simple: think carefully about your future self, the person you’re planning for deserves security, comfort, and peace of mind. Just as important as starting early is being selective about who you trust to guide you. The wrong partner could put your plans and your future at risk. The right one will help you navigate uncertainty, stay compliant, and protect what you’re building. At Sovereign, we take that responsibility seriously and are committed to supporting clients throughout their retirement journey.
DW (Gibraltar): Don’t wait! Save a little and often and you won’t regret it in retirement.
To speak to a pension expert from one of our three pension offices please use the contact details below:
Guernsey Office:
Sovereign Pension Services (CI) Ltd
T: +44 (0) 1481 811000
E: guernseypensions@sovereigngroup.com
Malta Office:
Sovereign Pension Services (Malta) Ltd
T: +356 27 888 132
E: maltapensions@SovereignGroup.com
Gibraltar Office:
Sovereign Pension Services (Gibraltar) Ltd
T: +350 200 76173
E: gibraltarpensions@SovereignGroup.com
