PROSPERITY PENSIONS
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.
Start from £100 per month
Flexible contributions
Tax relief
Professionally managed investments
No hidden fees
Easy set-up
Contact Us
For those of you who would like to get personal advice, please fill in below.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Please contact us to obtain up to date and detailed information of the investment composition of each portfolio.
Over the growth stage of your pension plan, the return you may receive will depend on a variety of factors such as:
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.
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.
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
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.
You have read our literature below and have decided that this pension plan is right for you
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.
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.
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.
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.
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.
You will receive your Prosperity Personal Pension Plan welcome letter.
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.
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.
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.
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.
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.
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.
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?
You can apply for the Prosperity Personal Pension Plan as from age 18.
You can take your pension benefits as from 55. There is no specific date at which you must start taking a pension income.
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.
No, your pension investments will grow in a tax free environment.
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.
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.
Yes, your employer can make direct payments into your personal pension scheme.
Yes, occupational pension schemes are offered by Abacus. Contact us to discuss. Employers can also make third party contributions into personal pension schemes.
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.
For those of you who would like to get personal advice, please fill in below.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Please contact us to obtain up to date and detailed information of the investment composition of each portfolio.
Over the growth stage of your pension plan, the return you may receive will depend on a variety of factors such as:
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.
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.
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 CALCULATORPlease 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.
You have read our literature below and have decided that this pension plan is right for you
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.
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.
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.
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.
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.
You will receive your Prosperity Personal Pension Plan welcome letter.
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.
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.
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.
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.
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.
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.
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?
You can apply for the Prosperity Personal Pension Plan as from age 18.
You can take your pension benefits as from 55. There is no specific date at which you must start taking a pension income.
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.
No, your pension investments will grow in a tax free environment.
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.
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.
Yes, your employer can make direct payments into your personal pension scheme.
Yes, occupational pension schemes are offered by Abacus. Contact us to discuss. Employers can also make third party contributions into personal pension schemes.
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.
Daniel Pitaluga, Dip PFS - Senior Manager
