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GAPFA & GACO Gibraltar Compulsory Pensions (the who, what, how and when) and Your Responsibilities Seminar

25 April 2024

Planning for retirement and encouraging pension savings has historically been and continues to be one of the biggest challenges faced by many Governments worldwide, who are simply unable to sustain existing levels of state benefits. The realistic outcome for many of us will be to work longer and live poorer in retirement.
It’s a gloomy outlook, which is why many Governments now require workers to take some responsibility for planning for their own retirement. But the perception that pensions are complex, and retirement is such a long way off (for some) simply deters people from acting. 
That’s why enabling pension saving through the workplace helps break this inertia. And by asking employers to contribute demonstrates your investment into and commitment to improve your workforce’s future welfare.

A workplace pension provides many benefits for your company

  • Recruitment: It is commonplace for employers to offer pension plans as part of the compensation package. The level of contributions and/or ancillary benefits provided distinguishes the employer of choice from its competitors and enables you to attract the calibre of staff you want.
  • Tax Benefits: Employer contributions are tax-deductible in Gibraltar, which can result in significant savings for your company.
  • Attrition: Pensions can help reduce employee turnover, reducing recruitment and training costs. A pension plan fosters employee loyalty - workers who see that their employer invests in their future welfare are more likely to stay with the company for the long term.
  • Financial Stability: A defined contribution pension scheme allows you to control and budget for your ongoing and future costs with certainty.
    Legal Protection: Employers are often required by law to offer pensions or other retirement benefits. Embracing your obligations keeps you on the right side of the law and avoid potential legal issues.

Your employees also benefit in many ways

  • Retirement Planning and Security: A workplace pension empowers your staff to take responsibility for and invest into their own future, helping to reduce the insecurity they may otherwise face.
  • Easy access: Joining a workplace pension makes pension saving easy as contributions are deducted through payroll like tax and social security. It helps reinforce staff comradery, the sense of we’re in this together can be a great way to help workers bond.
  • Tax Benefits: In Gibraltar pension contributions attract tax relief and most of the benefits that can be taken at retirement are tax free.
  • Investment Returns: Pension assets are managed and invested by regulated professionals who can typically achieve better returns than an individual investor. This can result in more money for your employee’s retirement.

With crucial deadlines fast approaching for medium, small, and micro companies in Gibraltar, GAPFA has joined forces with GACO, to present this practical seminar on the Private Sector Pensions Act 2019, what it means for your company, the steps you need to take and the timeline for action.
We are delighted that both the Minister for Justice, Trade, and Industry, the Hon Nigel Feetham KC and Paul Garner from the Pensions Commissioner will be speaking together with several pensions experts from GAPFA. The event will also include a Panel Discussion giving you the opportunity to get answers to those burning questions you may have. 
This event is geared at Senior Managers and HR Managers of local companies. It is not a theoretical seminar, but it is a practical "hands on approach" event that will clearly indicate what your options are and how to start the process now, giving you peace of mind to be ready ahead of the deadlines and to be fully compliant in time. 

Event type: in-person seminar
Venue: Borealis Room, Sunborn Yacht Hotel, Gibraltar 
Date: 30th May 2024
Time: 09:00 - 09.30hrs welcome coffee; 9.30hrs - 11.30hrs Seminar including Panel Discussion; 11.30hrs networking and coffee
Fee: £15 per attendee

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