Government Confirms No Change to Local Pensions

The Government wishes to clarify matters regarding the Bill for an Act to Amend the Income Tax Act, published in the Gazette on 29th January.

Some people seem to be misreading this legislation and believing it to have an effect on pensionable age in Gibraltar.

That is NOT the case.

The effect of the Bill, once passed into an Act, is NOT to change anything in relation to pensionable age in Gibraltar.

No local pension schemes will be affected.

The minimum pensionable age in Gibraltar will not go up.

The Government is committed to equalisation of pensionable age at 60.

The amendment will only affect pensions from other jurisdictions (eg the United Kingdom) IMPORTED to Gibraltar by individuals who have worked outside of Gibraltar but wish to retire here.

The Bill specifically relates to the UK decision to change the minimum age at which pension can be drawn from 55 to 57 from 2028 onwards.