The Platinum Occupational Pension Scheme

The EFPG Platinum Pension Scheme is a multi-employer defined contribution pension scheme, which is administered by European Financial Planning Group Limited who also acts as the Scheme Trustee. It is an occupational pension scheme which has the objective of providing retirement benefits for employees and directors of multiple employers.

Employees are each provided with an individual account into which their contributions will be made by the employer. The scheme provides significant benefit to the employee in that, if they were to change employer, they can retain their funds in the Platinum scheme and transfer the payor to their new employer.

The scheme is an IORPS compliant scheme, and it is ideal for Spanish resident employees working in Gibraltar.

Scheme overview

Scheme retirement age

Age 55 to 75 depending on scheme rules, and the tax office.

Your pension

The amount of this will depend on the size of your pension fund that will have accumulated by the time you retire. This amount is not guaranteed. (Amount payable = contributions + investment return.)

Benefits payable upon retirement

Under rules in force as at 9th March 2021 you may take the whole of your pension fund as a tax-free lump sum. However members who are tax resident in Spain should seek specific tax advice to ensure that benefits are taken without breaching Spanish legislation.

Amount payable if you die before you retire

If you die before you retire the value of your pension fund at the date of your death will be payable to your beneficiaries, as outlined in your expression of wish.

Amount payable if you die after you retire

If the whole of your pension fund is paid to you as a lump sum when you retire then no further benefit is payable if you die after you have retired. If you have not taken the full value of your pension, then your beneficiaries will receive the remaining value.

Leaving the company

If you leave employment within two years of joining the Scheme a return of your personal contributions (less 10% tax) will be paid to you. If you leave employment more than two years after joining, your fund will remain invested within the Scheme. Alternatively, it may be possible to transfer your fund to another approved pension scheme.

Key features and benefits

• No administrative burden — a bespoke pension plan.
• Great flexibility and control for employers.
• Option to create individual rules and manage the pension scheme in a way that works for the employer.
• Suitable for Gibraltar and Spanish residents.

This page is a summary only and does not constitute financial, tax or legal advice. Full terms are set out in the scheme rules and particulars, which are available on request. Tax treatment depends on your individual circumstances and may change in future.