PROSPERITY PENSIONS

Multiple Pension
Solutions

Prosperity Pensions

Retirement solutions accessible to all.

Retirement is such an important part of everyone’s life, that it is our privilege to help you plan for it. 

We have made it our goal to offer a range of pension schemes that will cater for the different needs of our clients but have the following in common:

Simple to understand
Easy to implement
Cost-effective
Dedicated relationship manager
High service standards
“If you plan right, retirement is the time to enjoy
everything you’ve worked hard for!”

Select your pension plan

We will set up and manage the best pension solution for you.

Personal
Employer
QROPS
QNUPS

Personal Pension in Gibraltar

Our Prosperity Personal Pension Plan is a scheme that has been approved by the Commissioner of Income Tax in Gibraltar. It is set up under a master trust deed, where individual members join via a deed of adherence, and individual pension assets are ring-fenced. It has been designed for individuals who are eligible to pay tax in Gibraltar.

Why a Prosperity Pension?

Start from £100 per month

Flexible contributions

Tax relief

Professionally managed investments

No hidden fees

Easy set-up

Contact Us

Try our Pension Calculator

see how much money you need to save for comfortable retirement

Need to know …

Why are pensions important?

Why are pensions important?

Life is short and most of us want to live it to the fullest!
Life expectancy is on the rise and your retirement years could make up a third of your life.
Do you have retirement goals and dreams? Save now and make them happen.
The sooner you start saving, the more you’ll have at retirement.
Sounds like a sensible approach, yet so many of us don’t do it!
Having enough money to spend on the things you enjoy without financial worry enhances our quality of life.
It’s nice to receive a Government pension, but it is very unlikely that this alone will be sufficient to cover all your retirement living expenses
Government pension plus private pension equals a larger pension at retirement.
Excellent employer pensions are rare these days. Who wants to end up being a financial burden on their children?
Being unprepared for retirement may mean having to work until you die, and realistically, even the healthiest are unlikely to be able to generate an income forever!
No one retires and wishes they had saved less. Take control now and have no regrets.

Get in touch with
our experts

For those of you who would like to get personal advice, please fill in below.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
What are the Prosperity Personal Pension Contributions?

Prosperity Personal Pension Contributions

You decide how you want to fund your pension plan

1

Regular Contributions

Monthly, quarterly or annually.
Minimum: £100 per month or equivalent.
You can stop, start or change your contributions at any time. Offers you flexibility to adapt to your lifestyle circumstances.

2

Single Premiums

You can make one-off lump sum payments when you have surplus cash. Minimum: £1,000. This allows you to give your pension plan a boost whenever it’s convenient for you or helps use up any unused tax relief for the current tax year.

3

Transfers In

You can transfer in an existing pension plan you may have that is registered in Gibraltar or the Channel Islands. This allows you to consolidate your pensions and makes it easier for you to keep track of your retirement savings.


Pension contributions may also attract tax relief in Gibraltar whether you are taxed under either the Allowance Based System or the Gross Income Based System. Transfers in do not attract tax relief.

The Prosperity Personal Pension Plan also allows your employer to make pension contributions into your plan on your behalf.

Where do we invest?

Where do we invest?

You decide which investment option you prefer

Your pension is a long term investment as you will make your monthly contributions and grow your “pension pot” over your working life until you approach your selected retirement age.

This period of time normally involves a large number of years. Legally, the earliest age at which you can take your pension benefits is age 55.

It is important to give your pension fund the best opportunity to work hard and grow over these years so you may have a potentially larger fund at retirement.

Our Prosperity Personal Pension Plans offers you 2 options:

Option 1
MODEL PORTFOLIOs
A range of ready-made lifestyle investment profiles.
Designed to make it simple for you to save for retirement. Investments are expertly selected and managed so that you don’t have to worry about them.
Investment platform held at Turicum Private Bank, Gibraltar.
Automatic lifestyle switching to a lower risk portfolio as you approach retirement age.
Low cost option.
Option 2
bespoke service
You select and manage your own investments with the help of a professional financial adviser. If you qualify to be categorised as a professional client, you may manage your own investment strategy.
Wide range of investments, subject to trustee approval.
Create an investment strategy tailored to your individual needs and preferences.
Where do we invest? > Model Portfolios

Where do we invest?

Model Portfolios

Prosperity Personal Pension Plan offers 4 investment portfolios:

Contributions are invested into a ready-made model portfolio of your choice. The portfolios have been designed on a risk-return basis to suit different life stages.

Hover over the options below to find out more:
1

Liquidity / cash

This options is for an investor who does not want to expose their money to market fluctuations and prefers to have their money in a cash environment. There is no market risk to the capital, as your pension fund is held in cash based products. The liquidity fund is likely to attract low interest rates and therefore subject to the effects of inflation over the long term. This may be suitable if you are close to your retirement age and want to ensure that your pension fund does not fluctuate in value just when you are about to take your retirement benefits.

2

Low risk

The option is for a cautious investor who wants to take a small amount of risk and can expect relatively stable and modest returns over the long term. The investments are made across a range of diversified funds with a solid track record and a low exposure to equities, which aim to reduce the level of market volatility.

3

Medium risk

This option is for investor who is prepared to take a moderate amount of risk and accept fluctuations to their capital in exchange for potentially better returns over the long term. The portfolios contains a high proportion of exchange-traded funds (ETFs) with a good track record, give that they track a reputable index. They are of a passive nature, which means they are low cost and well suited to the long-term nature of investing for retirnement.

4

High risk

This option is for an investor who is very comfortable with taking risks. Significant fluctuations to the value of your capital should be expected in exchange for potentially higher returns over the long term. This may be suitable for the younger saver who still has a good number of years left before retirement and those with a high tolerance for risk.

Lifestyle Switching

An automatic lifestyle switching option is also available. This means that you may choose to start off with a higher risk portfolio, and as you get older and are within 5 to 10 years of retirement age, the portfolio can automatically be switched to a lower risk option.
This option gives you peace of mind knowing that we take care of the switch as and when it is needed. However, if you feel you wish to change the time when you make the switch, you can opt out of the automatic switch and take control of it yourself.

Designed by investment Experts

A model portfolio is a diversified investment solution that has already been created and is ready to use. These model portfolios have been expertly constructed by a professional and suitably qualified independent financial adviser, regulated by the Gibraltar Financial Services Commission.The objective of the investments under the model portfolios is to provide capital growth over the long-term, under a choice of risk profile to suit your life stage.

Designated Bank

The portfolios are held on an investment platform at Turicum Private Bank, Turicum House, 315 Main Street, Gibraltar.Turicum is based in Gibraltar and was founded in 1993 by a group of Swiss private bankers, lawyers, asset and fund managers. With a culture of trust and independence, our values are strongly aligned, and we are confident that our partnership will provide the best possible service for you.For more information on Turicum Private Bank, you can access their website through the link below:
www.turicum.com

Portfolio Compositions

Please contact us to obtain up to date and detailed information of the investment composition of each portfolio.

What are the expected returns?

What are the expected returns?

What potential returns may you expect?

Over the growth stage of your pension plan, the return you may receive will depend on a variety of factors such as:

The number of years the contributions are invested over.
Whether you make regular contributions that may benefit from pound cost averaging, or single premium contributions.
The amount of fees that are deducted from your pension fund.
The level of risk you choose to take with your pension savings.

When you are investing for 5 years or longer, it is generally accepted that the higher the amount of risk you expose your money to, the higher the level of returns you may expect. However, the higher level of risk, the more the value of your money will fluctuate over the growth period. This is why we have appointed an expert to manage the investments under each model portfolio.

Relationship between Risk and Return

The diagrams below should help you understand the different model portfolios and where they stand on the risk-return spectrum which aims to help you decide which level of risk best suits your circumstances.

Get in touch with our experts

For those of you who would like to get personal advice, please fill in below.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
low Risk
Prosperity Model Portfolio
Gross Return (2021)
9.91%
Gross Return (3 years)
16.12%
Gross Return (5 years)
25.86%
Type of investor:
Cautious investor
Potential for returns:
Low / modest returns
Type of investor:
Cautious investor
Modest expected returns
Medium Risk
Prosperity Model Portfolio
Gross Return (2021)
15.46%
Gross Return (3 years)
23.04%
Gross Return (5 years)
45.56%
Type of investor:
Comfortable to take a medium level of risk
Potential for returns:
Modern long term returns
Type of investor:
Likely to experience substantial changes +/- to capital value
Medium expected returns
High Risk
Prosperity Model Portfolio
Gross Return (2021)
21.00%
Gross Return (3 years)
30.04%
Gross Return (5 years)
66.76%
Type of investor:
Comfortable to take a medium level of risk
Potential for returns:
Modern long term returns
Type of investor:
Likely to experience substantial changes +/- to capital value
High expected returns
low Risk
Prosperity Model Portfolio
Gross Return (2021)
9.91%
Gross Return (3 years)
16.12%
Gross Return (5 years)
25.86%
Type of investor:
Cautious investor
Potential for returns:
Low / modest returns
Type of investor:
Cautious investor
Modest expected returns
Medium Risk
Prosperity Model Portfolio
Gross Return (2021)
15.46%
Gross Return (3 years)
23.04%
Gross Return (5 years)
45.56%
Type of investor:
Comfortable to take a medium level of risk
Potential for returns:
Modern long term returns
Type of investor:
Likely to experience substantial changes +/- to capital value
Medium expected returns
High Risk
Prosperity Model Portfolio
Gross Return (2021)
21.00%
Gross Return (3 years)
30.04%
Gross Return (5 years)
66.76%
Type of investor:
Comfortable to take a medium level of risk
Potential for returns:
Modern long term returns
Type of investor:
Likely to experience substantial changes +/- to capital value
High expected returns

It is important to be aware that past performance is not an indicator of future performance.

Remember that when investing, your capital is at risk. The value of your pension may go up as well as down and you may get back less than you have put in.

TRY OUR PENSION CALCULATOR
When you reach retirement

When you reach retirement

You can take your pension benefits as from age 55 in any of the following ways:

1
In full as a tax-free
lump sum
2
As a sequence of tax-free
partial lump sums
3
As a tax-free partial lump sum
and income payments
4
All in the form of
pension income

Please note the above relate to tax-free in Gibraltar. Non-Gibraltar tax residents may be liable to tax. Please note pension income may be taxable in Gibraltar if taken at age 55, and should not be subject to income tax in Gibraltar as from the age of 60. This is subject to the tax rules that prevail in Gibraltar at the time.

What are prosperity personal pension fees?

What are the Prosperity
Personal Pension fees?

How much will a Prosperity Personal Pension
Plan cost me?

HOW TO APPLY FOR MY PENSION?

Pension application process

Applying for your Prosperity Personal Pension Plan is easy and straightforward.

STEP 1

You have read our literature below and have decided that this pension plan is right for you

STEP 2

You decide how much and how often you wish to contribute to your pension. You can use our online pension calculator to help you with this decision.

STEP 3

You decide whether you want to participate in our Model Portfolios to invest your contributions or whether you prefer the Bespoke Service and work with a financial adviser to design your investment strategy.

STEP 4

You complete the application form. You can download our application form and complete it yourself, or you can contact us for an appointment and we will help you complete the paperwork and answer any further questions you may have.

STEP 5

You submit your application form to us together with a proof of ID and address. The application form has details of the documents we can accept. If you bring in your originals, we can certify them for you.

STEP 6

We will process your application and confirm your acceptance into the scheme within 2 working days. We will then apply to the Gibraltar Income Tax Office for individual approval. Once this is received, your pension will be ready to start accepting your contributions.

STEP 7

You will receive your Prosperity Personal Pension Plan welcome letter.

Frequently Asked Questions

Frequently Asked Questions

Applying for your Prosperity Personal Pension Plan is easy and straightforward.

Why should I take responsibility for my retirement planning?

It’s important that you take control of the amount of money you will have once you retire. The Government pension income that may be available to you at retirement is likely to be minimal, and hardly enough for a comfortable retirement. Employer “final salary” pensions that previous generations may have enjoyed are very rare these days. The cost of living is likely to carry on increasing.

Life expectancy is also on the rise, and for many of us who may live into our nineties, retirement could well extend over a 30 year period. For all these reasons, it is important to be financially well prepared. And the only way of being sure of this, is to take control and start saving for retirement.

Get in touch with our experts

For those of you who would like to get personal advice, please fill in below.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Will my pension benefits be taxed when I retire?

As from age 55 you may take out all your pension benefits as a tax free lump sum. You can opt to take an income as from age 55 that may be subject to income tax until you reach the age of 60, when it will cease to be taxed.

Why is it important to consider the impact of inflation on my pension fund?

Pensions are a long term investment. The cost of living can increase substantially over the long term. Your pension fund should be invested in an environment that has the potential to produce a return above the rate of inflation by the time you retire. Otherwise, your real purchasing power will have fallen and your pension will not be able to buy you as much as you were aiming for.

What happens if I can no longer afford to keep paying my contributions?

You can reduce your contributions to a minimum of £100 per month or you can stop paying them altogether. You can then restart them at a later date once it becomes affordable to you. If you stop your contributions, the value of the pension fund that you have already built up will remain invested until you are at least age 55.

Can I access my pension benefits before age 55?

No, not in normal circumstances. However, pension benefits may be accessible before the age of 55 in the event of severe ill health. Medical evidence from a registered general practitioner will be required.

How often should I review my pension fund value?

You can review your pension as often as you like. We recommend you review it at least once a year to ensure you keep on track of your retirement goals. We will send you an annual statement to keep you informed. We also recommend you review it each time your personal circumstances change or your salary increases as you may also wish to increase your contributions accordingly.

What are the key points to consider when thinking about starting a pension?

How much can I afford to save?

Do I want to save monthly, quarterly, annually or make single premium contributions?

How much tax relief will I benefit from?

What may be my ideal retirement age and how many years do I have left to save over?

Do I have any existing pensions and would I like to review them to see if I can consolidate them by transferring them into this plan?

Do I want to engage a financial adviser to provide me with pension and investment advice or do I want my pension savings invested into a ready-made investment portfolio?

What are the fees to start up a personal pension plan?

What are my options at retirement age?

Who do I wish to appoint as beneficiary(ies) in the event of my death?

How old do I have to be to start my own pension?

You can apply for the Prosperity Personal Pension Plan as from age 18.

At what age can I start taking my pension benefits?

You can take your pension benefits as from 55. There is no specific date at which you must start taking a pension income.

Can I transfer a UK registered pension into the Prosperity Personal Pension Plan?

No, a UK registered pension can only be transferred into a QROPS. You may be eligible to transfer a UK pension into our Prosperity QROPS instead.

Are my pension investments taxed?

No, your pension investments will grow in a tax free environment.

What do I need to do if I need to amend my contributions?

All you have to do is contact us and let us know in writing if you wish to stop or change the amount you contribute and how much you wish to contribute going forward. You can also let us know via email as long as it is sent from the email address you have registered with us.

Is it really worth getting a pension when I am 18 and have just began working life?

Yes, the more years you have to invest, the more regular contributions you will have time to make and the higher the potential growth your pension pot may receive due to compounded returns over more years. This can make a significant difference over the long term and may mean you can retire sooner! Use our pension calculator to check this out.

Can my employer also pay into my pension?

Yes, your employer can make direct payments into your personal pension scheme.

Can I take out a workplace pension for my employees?

Yes, occupational pension schemes are offered by Abacus. Contact us to discuss. Employers can also make third party contributions into personal pension schemes.

I have a pension in Gibraltar with another provider and I would like to change provider. Can I transfer my pension to you?

Yes, pension transfers are accepted into the Prosperity Personal Pension scheme. A 0.75% transfer in fee (capped at £1,500) applies to all transfers in.

Why are pensions important?

Life is short and most of us want to live it to the fullest!
Life expectancy is on the rise and your retirement years could make up a third of your life.
Do you have retirement goals and dreams? Save now and make them happen.
The sooner you start saving, the more you’ll have at retirement.
Sounds like a sensible approach, yet so many of us don’t do it!
Having enough money to spend on the things you enjoy without financial worry enhances our quality of life.
It’s nice to receive a Government pension, but it is very unlikely that this alone will be sufficient to cover all your retirement living expenses
Government pension plus private pension equals a larger pension at retirement.
Excellent employer pensions are rare these days. Who wants to end up being a financial burden on their children?
Being unprepared for retirement may mean having to work until you die, and realistically, even the healthiest are unlikely to be able to generate an income forever!
No one retires and wishes they had saved less. Take control now and have no regrets.

Get in touch with
our experts

For those of you who would like to get personal advice, please fill in below.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Prosperity Personal Pension Contributions

You decide how you want to fund your pension plan

1

Regular Contributions

Monthly, quarterly or annually.
Minimum: £100 per month or equivalent.
You can stop, start or change your contributions at any time. Offers you flexibility to adapt to your lifestyle circumstances.

2

Single Premiums

You can make one-off lump sum payments when you have surplus cash. Minimum: £1,000. This allows you to give your pension plan a boost whenever it’s convenient for you or helps use up any unused tax relief for the current tax year.

3

Transfers In

You can transfer in an existing pension plan you may have that is registered in Gibraltar or the Channel Islands. This allows you to consolidate your pensions and makes it easier for you to keep track of your retirement savings.


Pension contributions may also attract tax relief in Gibraltar whether you are taxed under either the Allowance Based System or the Gross Income Based System. Transfers in do not attract tax relief.

The Prosperity Personal Pension Plan also allows your employer to make pension contributions into your plan on your behalf.

Where do we invest?

You decide which investment option you prefer

Your pension is a long term investment as you will make your monthly contributions and grow your “pension pot” over your working life until you approach your selected retirement age.

This period of time normally involves a large number of years. Legally, the earliest age at which you can take your pension benefits is age 55.

It is important to give your pension fund the best opportunity to work hard and grow over these years so you may have a potentially larger fund at retirement.

Our Prosperity Personal Pension Plans offers you 2 options:

Option 1
MODEL PORTFOLIOs
A range of ready-made lifestyle investment profiles.
Designed to make it simple for you to save for retirement. Investments are expertly selected and managed so that you don’t have to worry about them.
Investment platform held at Turicum Private Bank, Gibraltar.
Automatic lifestyle switching to a lower risk portfolio as you approach retirement age.
Low cost option.
Option 2
bespoke service
You select and manage your own investments with the help of a professional financial adviser. If you qualify to be categorised as a professional client, you may manage your own investment strategy.
Wide range of investments, subject to trustee approval.
Create an investment strategy tailored to your individual needs and preferences.

Where do we invest?

Model Portfolios

Prosperity Personal Pension Plan offers 4 investment portfolios:

Contributions are invested into a ready-made model portfolio of your choice. The portfolios have been designed on a risk-return basis to suit different life stages.

Hover over the options below to find out more:
1

Liquidity / cash

This options is for an investor who does not want to expose their money to market fluctuations and prefers to have their money in a cash environment. There is no market risk to the capital, as your pension fund is held in cash based products. The liquidity fund is likely to attract low interest rates and therefore subject to the effects of inflation over the long term. This may be suitable if you are close to your retirement age and want to ensure that your pension fund does not fluctuate in value just when you are about to take your retirement benefits.

2

Low risk

The option is for a cautious investor who wants to take a small amount of risk and can expect relatively stable and modest returns over the long term. The investments are made across a range of diversified funds with a solid track record and a low exposure to equities, which aim to reduce the level of market volatility.

3

Medium risk

This option is for investor who is prepared to take a moderate amount of risk and accept fluctuations to their capital in exchange for potentially better returns over the long term. The portfolios contains a high proportion of exchange-traded funds (ETFs) with a good track record, give that they track a reputable index. They are of a passive nature, which means they are low cost and well suited to the long-term nature of investing for retirnement.

4

High risk

This option is for an investor who is very comfortable with taking risks. Significant fluctuations to the value of your capital should be expected in exchange for potentially higher returns over the long term. This may be suitable for the younger saver who still has a good number of years left before retirement and those with a high tolerance for risk.

Lifestyle Switching

An automatic lifestyle switching option is also available. This means that you may choose to start off with a higher risk portfolio, and as you get older and are within 5 to 10 years of retirement age, the portfolio can automatically be switched to a lower risk option.
This option gives you peace of mind knowing that we take care of the switch as and when it is needed. However, if you feel you wish to change the time when you make the switch, you can opt out of the automatic switch and take control of it yourself.

Designed by investment Experts

A model portfolio is a diversified investment solution that has already been created and is ready to use. These model portfolios have been expertly constructed by a professional and suitably qualified independent financial adviser, regulated by the Gibraltar Financial Services Commission.The objective of the investments under the model portfolios is to provide capital growth over the long-term, under a choice of risk profile to suit your life stage.

Designated Bank

The portfolios are held on an investment platform at Turicum Private Bank, Turicum House, 315 Main Street, Gibraltar.Turicum is based in Gibraltar and was founded in 1993 by a group of Swiss private bankers, lawyers, asset and fund managers. With a culture of trust and independence, our values are strongly aligned, and we are confident that our partnership will provide the best possible service for you.For more information on Turicum Private Bank, you can access their website through the link below:
www.turicum.com

Portfolio Compositions

Please contact us to obtain up to date and detailed information of the investment composition of each portfolio.

What are the expected returns?

What potential returns may you expect?

Over the growth stage of your pension plan, the return you may receive will depend on a variety of factors such as:

The number of years the contributions are invested over.
Whether you make regular contributions that may benefit from pound cost averaging, or single premium contributions.
The amount of fees that are deducted from your pension fund.
The level of risk you choose to take with your pension savings.

When you are investing for 5 years or longer, it is generally accepted that the higher the amount of risk you expose your money to, the higher the level of returns you may expect. However, the higher level of risk, the more the value of your money will fluctuate over the growth period. This is why we have appointed an expert to manage the investments under each model portfolio.

Relationship between Risk and Return

The diagrams below should help you understand the different model portfolios and where they stand on the risk-return spectrum which aims to help you decide which level of risk best suits your circumstances.

Get in touch with
our experts

For those of you who would like to get personal advice, please fill in below.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
low Risk
Prosperity Model Portfolio
Gross Return (2021)
9.91%
Gross Return (3 years)
16.12%
Gross Return (5 years)
25.86%
Type of investor:
Cautious investor
Potential for returns:
Low / modest returns
Type of investor:
Cautious investor
Modest expected returns
Medium Risk
Prosperity Model Portfolio
Gross Return (2021)
15.46%
Gross Return (3 years)
23.04%
Gross Return (5 years)
45.56%
Type of investor:
Comfortable to take a medium level of risk
Potential for returns:
Modern long term returns
Type of investor:
Likely to experience substantial changes +/- to capital value
Medium expected returns
High Risk
Prosperity Model Portfolio
Gross Return (2021)
15.46%
Gross Return (3 years)
23.04%
Gross Return (5 years)
45.56%
Type of investor:
Comfortable to take a medium level of risk
Potential for returns:
Modern long term returns
Type of investor:
Likely to experience substantial changes +/- to capital value
High expected returns

It is important to be aware that past performance is not an indicator of future performance.

Remember that when investing, your capital is at risk. The value of your pension may go up as well as down and you may get back less than you have put in.

TRY OUR PENSION CALCULATOR

When you reach retirement

You can take your pension benefits as from age 55 in any of the following ways:

1
In full as a tax-free
lump sum
2
As a sequence of tax-free
partial lump sums
3
As a tax-free partial lump sum
and income payments
4
All in the form of
pension income

Please note the above relate to tax-free in Gibraltar. Non-Gibraltar tax residents may be liable to tax. Please note pension income may be taxable in Gibraltar if taken at age 55, and should not be subject to income tax in Gibraltar as from the age of 60. This is subject to the tax rules that prevail in Gibraltar at the time.

What are the Prosperity
Personal Pension fees?

How much will a Prosperity Personal Pension
Plan cost me?

Pension application process

Applying for your Prosperity Personal Pension Plan is easy and straightforward.

STEP 1

You have read our literature below and have decided that this pension plan is right for you

STEP 2

You decide how much and how often you wish to contribute to your pension. You can use our online pension calculator to help you with this decision.

STEP 3

You decide whether you want to participate in our Model Portfolios to invest your contributions or whether you prefer the Bespoke Service and work with a financial adviser to design your investment strategy.

STEP 4

You complete the application form. You can download our application form and complete it yourself, or you can contact us for an appointment and we will help you complete the paperwork and answer any further questions you may have.

STEP 5

You submit your application form to us together with a proof of ID and address. The application form has details of the documents we can accept. If you bring in your originals, we can certify them for you.

STEP 6

We will process your application and confirm your acceptance into the scheme within 2 working days. We will then apply to the Gibraltar Income Tax Office for individual approval. Once this is received, your pension will be ready to start accepting your contributions.

STEP 7

You will receive your Prosperity Personal Pension Plan welcome letter.

Frequently Asked Questions

Applying for your Prosperity Personal Pension Plan is easy and straightforward.

Why should I take responsibility for my retirement planning?

It’s important that you take control of the amount of money you will have once you retire. The Government pension income that may be available to you at retirement is likely to be minimal, and hardly enough for a comfortable retirement. Employer “final salary” pensions that previous generations may have enjoyed are very rare these days. The cost of living is likely to carry on increasing.

Life expectancy is also on the rise, and for many of us who may live into our nineties, retirement could well extend over a 30 year period. For all these reasons, it is important to be financially well prepared. And the only way of being sure of this, is to take control and start saving for retirement.

Get in touch with
our experts

For those of you who would like to get personal advice, please fill in below.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Will my pension benefits be taxed when I retire?

As from age 55 you may take out all your pension benefits as a tax free lump sum. You can opt to take an income as from age 55 that may be subject to income tax until you reach the age of 60, when it will cease to be taxed.

Why is it important to consider the impact of inflation on my pension fund?

Pensions are a long term investment. The cost of living can increase substantially over the long term. Your pension fund should be invested in an environment that has the potential to produce a return above the rate of inflation by the time you retire. Otherwise, your real purchasing power will have fallen and your pension will not be able to buy you as much as you were aiming for.

What happens if I can no longer afford to keep paying my contributions?

You can reduce your contributions to a minimum of £100 per month or you can stop paying them altogether. You can then restart them at a later date once it becomes affordable to you. If you stop your contributions, the value of the pension fund that you have already built up will remain invested until you are at least age 55.

Can I access my pension benefits before age 55?

No, not in normal circumstances. However, pension benefits may be accessible before the age of 55 in the event of severe ill health. Medical evidence from a registered general practitioner will be required.

How often should I review my pension fund value?

You can review your pension as often as you like. We recommend you review it at least once a year to ensure you keep on track of your retirement goals. We will send you an annual statement to keep you informed. We also recommend you review it each time your personal circumstances change or your salary increases as you may also wish to increase your contributions accordingly.

What are the key points to consider when thinking about starting a pension?

How much can I afford to save?

Do I want to save monthly, quarterly, annually or make single premium contributions?

How much tax relief will I benefit from?

What may be my ideal retirement age and how many years do I have left to save over?

Do I have any existing pensions and would I like to review them to see if I can consolidate them by transferring them into this plan?

Do I want to engage a financial adviser to provide me with pension and investment advice or do I want my pension savings invested into a ready-made investment portfolio?

What are the fees to start up a personal pension plan?

What are my options at retirement age?

Who do I wish to appoint as beneficiary(ies) in the event of my death?

How old do I have to be to start my own pension?

You can apply for the Prosperity Personal Pension Plan as from age 18.

At what age can I start taking my pension benefits?

You can take your pension benefits as from 55. There is no specific date at which you must start taking a pension income.

Can I transfer a UK registered pension into the Prosperity Personal Pension Plan?

No, a UK registered pension can only be transferred into a QROPS. You may be eligible to transfer a UK pension into our Prosperity QROPS instead.

Are my pension investments taxed?

No, your pension investments will grow in a tax free environment.

What do I need to do if I need to amend my contributions?

All you have to do is contact us and let us know in writing if you wish to stop or change the amount you contribute and how much you wish to contribute going forward. You can also let us know via email as long as it is sent from the email address you have registered with us.

Is it really worth getting a pension when I am 18 and have just began working life?

Yes, the more years you have to invest, the more regular contributions you will have time to make and the higher the potential growth your pension pot may receive due to compounded returns over more years. This can make a significant difference over the long term and may mean you can retire sooner! Use our pension calculator to check this out.

Can my employer also pay into my pension?

Yes, your employer can make direct payments into your personal pension scheme.

Can I take out a workplace pension for my employees?

Yes, occupational pension schemes are offered by Abacus. Contact us to discuss. Employers can also make third party contributions into personal pension schemes.

I have a pension in Gibraltar with another provider and I would like to change provider. Can I transfer my pension to you?

Yes, pension transfers are accepted into the Prosperity Personal Pension scheme. A 0.75% transfer in fee (capped at £1,500) applies to all transfers in.

Your next steps...

Download our free
Personal Pension brochure

Apply for
our Personal Pension

Employer based pensions

Employers that make workplace pensions available to their employees are likely to attract higher quality employees and retain them over the long term.

Our employer-based proposition is built on great service, simple implementation, investment choice, flexibility in retirement and affordable pricing.
Our mission is to take the jargon out of pensions and make them accessible to everyone.
Our vision is to establish and manage your workplace pension scheme by creating a valuable solution that works for you and your employees..

Benefits

Attract high qualified workers to your company

Valuable solutions that works for you and your employees

Simple, quick and cost-effective

Possible Tax benefits

and much more …

Contact Us

Which option best suits your company?

Occupational pensions scheme

This option allows you, the employer, to set up a scheme tailored to your requirements. We design the scheme in consultation with you and draft your scheme’s legal documents in conjunction with Gibraltar legal advisers, to achieve a personalised scheme that is fully compliant with Gibraltar law and regulations.

Get in touch with
our experts

For those of you who would like to get personal advice, please fill in below.

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Personal pension plan

Employers can opt to make contributions to a personal pension plan on behalf of their employees. The employee submits an application to join our Prosperity Personal Pension Plan and species on the application form that their employer wishes to contribute to their individual scheme.
Under this option, the employee engages directly with us, as the pension trustee and scheme administrator. The employee is responsible for selecting their preferred investment route and retirement options, and can also make their own personal pension contributions and be eligible for tax relief on these contributions.

Which option best suits your company?

We offer a range of pension presentations to provide education, support and guidance to your employees on the importance of saving for retirement. These can be delivered at your office premises at your request.

Your next steps...

Download our free Employer
Pension brochure

View our Employer Pension Fees

Apply for our Employer Pension

QROPS

When used effectively, a QROPS may provide generous benefits to clients who have built up UK pensions over their working lives, and have now moved abroad or are considering doing so.
You can transfer to many different countries, which Abacus will assist you with - our expertise lie in Gibraltar and Malta, but can assist and manage during any transfer to bus arum exerum sin nonsequatqui sed que doluptur sequis am et, omnis quo ipsandant dolorio officia voleminto molest, consect emquiam andipsum velitaquis earunt ut aut ant re eos eum ea core eossundant voloribus molum volectur?

Gibraltar - a very attractive Jurisdiction

There is no requirement for you to be a resident in the jurisdiction chosen for your QROPS. Gibraltar is an HMRC recognised compliant jurisdiction which deducts a relatively low rate of withholding tax (2.5%) from QROPS pension income. It is an English-speaking EU territory, and is easily accessible from UK, Spain or Portugal for those with a preference for face to face interaction. Your financial adviser will help you decide whether Gibraltar is the best jurisdiction for your specific circumstances.

Malta and other QROPS Jurisdiction

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Benefits

Transfer of UK pensions to your new overseas location

Extensive Investment choices

Take out all without loss at age 55

Flexibility and transparency

Malta and Gibraltar leading jurisdictions

Tax exemptions on different areas

and much more …

Get in touch with
our experts

For those of you who would like to get personal advice, please fill in below.

Thank you! Your submission has been received!
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Your next steps...

Download our free
QROPS brochure

View our
QROPS fees

Apply for our QROPS

QNUPS

International pensions can offer great retirement planning opportunities in circumstances where UK registered pensions may simply not be enough.
UK based high net worth individuals, or those who are UK domiciled but living abroad face more complex considerations when making their retirement provisions.

Qualifying Non-UK Pension Schemes

QNUPS must meet certain strict requirements and incorporate specific criteria into their scheme rules, in a similar way as QROPS do, but with additional flexibility, in order to be considered an acceptable overseas pension scheme by HMRC.

Professional guidance and tax exemptions

When set up correctly under the right professional guidance, a QNUPS can be a valuable retirement planning vehicle. It offers a wide investment choice, operates in a favourable tax environment, including exemption from UK inheritance tax, allows flexible pension income options and is not subject to the UK Lifetime Allowance Limits..

Benefits

Income is paid cross

Professional managed by Abacus can add substantial
long term benefits

Unlimited contributions allowed

Wide range of allowed assets - such as property

Exemption from UK inheritance tax

and much more …

Contact Us

Your next steps...

Download our free
QNUPS brochure

View our
QNUPS fees

Apply for
our QNUPS

Try our Pension Calculator

see how much money you need to save for comfortable retirement

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