Sovereign Pension Services herald the new year compulsory pension tranche with exclusive association with EasyPay
Sovereign Pension Services (SPS) Gibraltar are delighted to announce their recent and exclusive tie-up with EasyPay Payroll and HR Software. EasyPay is Gibraltar’s easiest and most comprehensive solution for payroll and HR, designed specifically for the needs of Gibraltar businesses. SPS & EasyPay have integrated their respective softwares, so the task of administering payroll and pensions payments is seemless and can all be done in one place for HR and payroll professionals.
Darren Whitley, Managing Director of SPS commented: “We are delighted to now be associated with EasyPay, having aligned our systems and able to offer this increased ease of services for our clients in administering payroll and pensions”.
July 2024 saw the latest tranche of employers in Gibraltar brought into the The Private Sector Pensions Act 2019. If you employ 51 – 100 staff in Gibraltar, you will need to provide your employees with a workplace pension by July 2025.
The Act mandates that all employers provide a workplace pension plan for eligible employees, in addition to the State pension, similar to the UK’s ‘auto enrolment’ system. Both employers and employees must contribute a minimum of 2% of earnings if an employee opts into the scheme. To ease the transition, the Act’s implementation was staggered as follows:
- Enterprise employers (250+ staff) by 1 August 2021
- Large employers (101-250 staff) by 1 July 2022
- Medium employers (51-100 staff) by 1 July 2025
- Small employers (15-50 staff) by 1 July 2026
- Micro employers (14 or fewer staff) by 1 July 2027
The Gibraltar Financial Services Commission (GFSC), serving as the Pensions Commissioner, requires employers to register and provide specific documentation within 90 days of their respective deadlines. Employers must also report any significant changes, such as new hires or employee departures, within 30 days.
Workplace pension schemes can take up to 3 months to set up, so it is advisable to start planning your company’s compulsory pension plan early ahead of the July deadline.
Sovereign Pension Services are the Rock’s largest pension provider. Our retirement benefits team possess over 120 years’ experience and expertise in designing, establishing and managing workplace pension schemes in Gibraltar. We help employers navigate through the requirements at the same time as meeting the needs of their workforce.
Sovereign Pension Services offer design, setup, and administration of Occupational Pension Schemes to help employers comply with the Act, ensuring minimal business disruption. For more information, visit www.gibraltarpensions.com or www.sovereigngroup.com.
