Gibraltar Workplace Pensions

The Gibraltar Private Sector Pensions Act 2019, like the UK’s ‘auto enrolment’ pensions regime, makes it compulsory for all employers in Gibraltar to provide access for all eligible employees to a pension scheme, in addition to the existing State Pension.

Auto enrolment is designed to ensure that more workers have easy access to a workplace pension scheme, enabling them to save towards their retirement and enjoy an income over and above the basic state pension.

If an employee chooses to join the pension scheme, the Act also makes it compulsory for both the employer and employee to contribute a minimum amount each week or month (depending on how the employee is paid) to the employee’s pension fund.

Gibraltar employees eligible for ‘auto enrolment’ must be over the age of 15, have worked for an employer for one year or more and have gross earnings from that employment of £10,000 or more per year.

Implementation of the ‘auto enrolment’ regime was deliberately phased to give smaller employers more time to adjust to the new requirements. The deadlines set for employer compliance under the phased implementation are as follows:

‘Enterprise’ employers (over 250 staff) – 1 August 2021
‘Large’ employers (101 to 250 staff) – 1 July 2022
‘Medium’ employers (51 to 100 staff) – 1 July 2025
‘Small’ employer (15 to 50 employees) – 1 July 2026
‘Micro’ employer (14 employees or less) – 1 July 2027

Sovereign has extensive experience in designing and operating occupational pension and savings schemes. Our clients range from large international businesses to smaller firms just starting out. We will work with the sponsoring employer to design an employee benefit plan to meet that company’s specific requirements.

To assist Gibraltar employers of any size to meet their ‘auto enrolment’ pension obligations, Sovereign Pension Services (Gibraltar) Ltd can design and set up Occupational (often known as ‘workplace’) Pension Schemes that will satisfy all the Gibraltar ‘auto enrolment’ criteria.

We also have the capacity and expertise to administer these pension plans on behalf of Gibraltar employers, such that clients can be assured of the maximum business benefit and the minimum business disruption.

You can read more about our Gibraltar Occupational and Savings Schemes here.

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