Retirement can be an exciting time as you finally get to stop working and make the most of the money you have been saving during your working life.

The fund, which has accumulated, will be valued and you will be asked to complete a Retirement Form in order that approval can be given by the Trustees and the Gibraltar Commissioner of Income Tax. Once approval is granted, the fund will be settled to your nominated account in accordance with your instructions as follows:-

  • An immediate tax-free cash sum of up to 25% of your fund
  • Under the legislation and practice currently in operation, the balance of 75% of your total fund can also be withdrawn as a tax-free lump-sum in lieu of the purchase of an annuity

Alternatively, you could opt to receive a pension income from the total fund, or the balance after taking the 25% tax-free lump-sum – the level of income will depend on the following:-

The value of the Fund
  • Your age at the time of taking benefits
  • • The manner in which you wish to take the income – which will be discussed with you at the time