Gibraltar Association of Pension Fund Administrators.
Describe your sector in a nutshell.
GAPFA is a small sector within the Gibraltar financial services industry providing various pension products/services for individuals based around the world and locally. Pensions are income replacement products, this means you save while you are working in order to provide an income when you retire.
The Gibraltar global pensions market started in 2012 when the jurisdiction was accepted by the UK tax authority – HM Revenue and Customs (“HMRC”) to provide pension products which could accept the transfer of UK tax relieved funds – thereby affording both UK and non UK nationals the option to move their pensions abroad on retirement.
Locally, while some employers historically provided pension schemes to their employees on a voluntary basis, the majority of private sector employees do not have access to a pension scheme. Focus on the local market has been bolstered following legislation implemented in 2021 which will require all employers to make a pension scheme available to their staff by 2027.
What are the different career opportunities/jobs available in your sector?
Pension providers offer a broad spectrum of roles such as administration, management, risk and compliance, technical, legal, accounting, marketing, HR, financial advice, investments and IT. Many of these roles range from junior to senior positions enabling diversity and career progression.
What’s interesting/fun about your sector/industry? Why should a young person want to work there?
The perception that pensions are boring couldn’t be further from the truth. Planning for retirement and encouraging pension savings has historically been and continues to be one of the biggest challenges faced by many Governments worldwide. With an aging population living longer in retirement and a decline in a younger working population we can expect to see a continual shift in pensions policy as governments look to address the imbalance which means pension firms need to adapt and be innovative.
What skills/qualities do you look for in someone wanting to join your sector?
People with a flexible, can do attitude, looking for long-term challenge and who enjoy teamwork would do well in a pensions environment.
What is demand looking like in your sector? How do you think this will change in the future?
The teams we consider will experience the biggest growth demands will be compliance, administration, investment, and finance. Equally, there is a gap in independent pension advisors, which needs addressing.
What is the approximate salary range can people earn?
This really depends on the role and level of qualifications or experience that an individual has. Many firms offer a starting salary of around £20,000 for individuals with no or little experience.
What career pathways are available for a young person wanting to join your sector? (University and non-uni routes)
Whilst the minimum entry requirement would be GSCE in Math and English, some roles will need higher level qualifications. Most firms will encourage their employees to study for professional qualifications to both maximize their staff’s potential and facilitate career development.
