A Guide: Pensions

Provident Trust (No. 3) Pension Scheme

The Government of Gibraltar set up the Provident Trust (No. 3) Pension Scheme in 2005. This is an occupational money purchase pension scheme that is available specifically for private sector employers.

The pension scheme is a low-cost defined contribution scheme where both employers and employees are able to contribute in a tax-efficient manner in order to provide the employee with a pension on retirement.

The pension scheme is administered by the Government of Gibraltar and employers’ only obligation is to make the employer’s contribution in respect of an employee during the period that an employee is working for that employer. When the employee moves to another job with a different employer that new employer makes the contributions to the same scheme. The scheme is mobile in the sense that an employee can continue to be a member of the scheme on changing employment.