An angular position sensor is provided with a rotatable magnet and first and second ferromagnetic pole pieces. The first ends of the ferromagnetic pole pieces are disposed on opposite sides of the rotatable permanent magnet and the second ends of the ferromagnetic pole pieces are arranged in overlapping association with a magnetically sensitive component disposed therebetween. First and second ferromagnetic inserts are provided which are movable with respect gaps between the permanent magnet and the first ends of the first and second pole pieces. By changing the relative positions between the first and second inserts and their respective gaps, the gain and offset of an output signal from the magnetically sensitive component can be altered to achieve predetermined characteristics.