GIBRALTAR MAKES ‘LAST MINUTE’ ADJUSTMENTS TO PRIVATE SECTOR PENSIONS REGIME.
Gibraltar Business Magazine June 2021 – By Gerry Kelly CEO of the Sovereign Group
With the initial deadline for Gibraltar’s mandatory employer-sponsored pension regime fast approaching, the Gibraltar
government has issued the Private Sector Pensions (Amendment) Act 2021 to introduce a number of changes, which include:
- Amending the criteria by which employers are required to provide a pension option.
- Changing the Pension Commissioner from the Income Tax Commissioner to the Financial Services Commission.
- Making allowance for the Pension Commissioner to charge fees.
- Establishing a ‘Register of Employers Maintaining Pension Plans’.
- Providing a complaints procedure overseen by the Financial Services Ombudsman.
Previously, many workers missed out on valuable pension benefits, either because their employer didn’t offer them a pension or they didn’t apply to join their company’s pension scheme. Gibraltar’s Private Sector Pensions Act 2019 changed this by mandating that private sector workers are entitled to have a choice, by law, on whether they wish to make a contribution to a pension plan.
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