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Government equalises pension contributions following reduction in pensionable age for men

Government equalises pension contributions following reduction in pensionable age for men
Photo by Alicia Razuri / Unsplash

HM Government of Gibraltar has completed the equalisation of the Old Age Pension system following the reduction of the pensionable age for men from 65 to 60.

The change, announced by the Chief Minister during the 2026 Budget Address, took effect on 1 July 2026 and brings the pensionable age for men into line with that already applicable to women.

As a direct consequence, the contribution requirements used to determine entitlement to an Old Age Pension have also been equalised.

Men will now require 2,000 paid or credited contributions over the course of their working lives to qualify for a full Old Age Pension, rather than the previous requirement of 2,250 contributions.

The minimum qualifying condition for a reduced Old Age Pension has similarly been reduced from 585 to 520 paid or credited contributions.

The method used to calculate pension entitlement has also been adjusted. Contributions paid or credited from the contribution year in which a person reaches the age of 20 until the end of the last complete contribution year before reaching pensionable age will now be divided by 40, instead of the previous divisor of 45 applicable to men.

The amount of Old Age Pension payable will continue to depend on the total number of paid or credited contributions accumulated during a person’s working life. The current maximum monthly pension is £603, while the minimum monthly pension is £156.60.

The Chief Minister, the Hon Fabian Picardo KC MP, said:

“Reducing the pensionable age for men to 60 had to be accompanied by a fair and proportionate adjustment to the contributions required to qualify for a pension. It would not have been right to reduce the pensionable age while continuing to assess men against a 45-year contribution period.

“These changes complete the equalisation of the system and ensure that men and women are now treated on the same basis, both in terms of pensionable age and the contributions needed to qualify.

“This is a significant and practical reform which will allow many men to access their Old Age Pension five years earlier than under the previous arrangements.”

Anyone who has reached, or will shortly reach, the age of 60 and believes that they may now qualify for an Old Age Pension is encouraged to submit an application to the Department of Social Security as soon as possible.

The Department is making every effort to process applications promptly. However, given the anticipated increase in applications following the introduction of the new arrangements, members of the public are asked for their patience while claims are assessed and processed.