Product Summary

Who can have one?

  • It is available to anyone under 75 who requires more flexibility than is available through their current scheme.

Why have one?

  • No compulsory annuity purchase at age 75, but with the option to purchase an annuity in the future from a provider of choice.

  • No “lock-in” allows a transfer out to another recognised pension scheme at any time.

  • Ability to switch funds into any other London & Colonial product free of any product transfer charges.

  • The underlying investments, and any pension payments, can be denominated in UK Sterling, Euros, or US Dollars. So depending upon where your client resides, may help to mitigate the risk of fluctuations in currency rates.


  • Allows clients to make their own decisions concerning the investments held within their individual fund, or delegate these to an Investment Manager of their choosing.

  • Can remain invested in cash, or invest in other permitted investments to provide the potential for greater returns – see permitted investment list for full details.

  • Investments exempt from all other Gibraltar taxes on income and capital gains.

Income and benefits

  • Provides the flexibility to take benefits in stages – see Key Features Document for further details

  • Provides both income and tax free lump sum benefits.

  • Free to choose the level of income they wish to draw each year, as well as to vary the amount they take (within set limits) and subject to their country of residency at the time

  • Pension income payments are paid net of a 2.5% Gibraltar income tax charge

  • Lump sum of up to 25% of the value of the fund, free of UK and Gibraltar taxes, can be taken from age 55 and  over - and for clients who have been non-UK resident for 5 or more tax years, an enhanced tax free lump sum of 30% of the fund value is payable.

  • Regular 3 yearly reviews with income levels available at up to 150% of a conventional annuity rate

  • Option to receive income on a monthly, quarterly, half yearly, or an annual basis - with additional ad hoc payments available upon request

Ongoing servicing

  • Online viewing of transactions and valuations

  • Clear and transparent charging structure

Death benefits

  • Provides a lump sum payment, or the choice of an income, to spouse and/or dependant(s) upon death of the client.