Government confirms no change to local pension age

The Government has said there will be no change to the pensionable age in Gibraltar despite concerns raised about a Bill to amend the Income Tax Act, which was published in the Gazette on January 29.

Officials moved to clarify the position after some people misread the legislation and believed it to have an effect on pensionable age in Gibraltar.

The Government said the effect of the Bill, once passed into law, will not alter pensionable age in Gibraltar and that no local pension schemes will be affected. The minimum pensionable age on the Rock will not increase.

It added that it remains committed to the equalisation of pensionable age at 60.

According to the Government, the amendment will only apply to pensions from other countries that are imported into Gibraltar by individuals who have worked abroad and choose to retire here.

The Bill specifically reflects a decision in the United Kingdom to raise the minimum age at which a pension can be drawn from 55 to 57 from 2028 onwards.