1. What is the Private Sector Pensions Act 2019

The Private Sector Pensions Act 2019 (the Act) came into force in August 2021.  It establishes a regime that will eventually enable all eligible employees in Gibraltar’s private sector to access a workplace pension scheme should they wish to do so. 

The Gibraltar Financial Services Commission (the GFSC) is appointed as Pensions Commissioner (the PC) under the Act to ensure that the requirements are complied with by both employers and the administrators of pension schemes.  

The GFSC does not give financial or legal advice and does not purport to do so.  

Employers wanting to establish pension schemes are encouraged to seek professional advice.

If you have any questions relating to the Act or the role of the GFSC as PC please email us at [email protected]

What does the Act do? 

The Act makes it compulsory for all employers in Gibraltar, starting with the largest (in number of employees), to provide access for all eligible employees to a pension scheme in addition to the existing State Pension. 

Should the employee choose 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. 

When do the requirements apply to an employer?

The requirements of the Act come into effect at different times depending on an employer’s size.  This is measured by the number of employees.  The table below sets out the different employer bands, how this is measured and when the requirements of the Act start to apply to each of the different sized employers.

Category of employer No. of employees Date requirements apply 
Enterprise251+1 August 2021
Large101-2501 July 2022
Medium51-1001 July 2025
Small15-501 July 2026
Micro14 or less1 July 2027