Pension Rules applicable as from 18 March 2020


The Retirement Pensions Act (‘the Act’) (Chapter 514 of the Laws of Malta) came into force on the 1st January of 2015 as did the new Regulations and Pension Rules. A new set of Regulations and Pensions Rules have been issued under the Act to supplement the legal and regulatory framework for the licensing and regulation of Retirement Schemes (both Occupational and Personal), Retirement Funds and Service Providers related thereto.

Act V of 2020 amends the Retirement Pensions Act primarily to transpose Directive (EU) 2016/2341 (the “IORP II Directive”). The Retirement Pensions (Control of Assets) Regulations 2015, the Retirement Pensions (Exemption) Regulations 2015 and the Retirement Pensions (Defined Benefit Retirement Schemes) Regulations 2015 have also been amended in order to transpose provisions from the IORP II Directive. Furthermore, three new regulations have also been issued; namely, the Retirement Pensions (Cross-Border Activities and Cross-Border Transfers) Regulations 2020, the Retirement Pensions (General Provisions of Supervision) Regulations 2020 and the Retirement Pensions (Transitional Provisions on Back-Office Administrators) Regulations 2020. Furthermore, the Pension Rules for Occupational Retirement Schemes have also been amended in order to complete the transposition of the IORP II Directive.

Rules Issued Under the Retirement Pensions Act, 2011

Glossary to The Pension Rules

  Glossary to the Pension Rules

Pension Rules For Occupational Retirement Schemes

  Part A and Part B – Pension Rules for Occupational Retirement Schemes issued in terms of the Retirement Pensions Act, 2011

Part C Appendices to Pension Rules for Occupational Retirement Schemes

  Part C – Appendix 1 – Contents of the Constitutional Document of an Occupational Retirement Scheme

  Part C – Appendix 2 – Contents of the Scheme Document

  Part C – Appendix 3 – Contents of the Scheme Particulars

  Part C – Appendix 4 – Annual Report

  Part C – Appendix 5 – Half-Yearly Report

  Part C – Appendix 6 – Actuarial Funding Certificate

  Part C – Appendix 7 – Schedule of Payments

  Part C – Appendix 8 – Actuarial Transfer Value Certificate

  Part C – Appendix 9 – Auditor’s and Actuary’s Engagement Letter

  Part C – Appendix 10 – Occupational Retirement Scheme underwriting biometrical risks or guaranteeing any investment performance or a given level of benefits

  Part C – Appendix 11- Personal Questionnaire

  Part C – Appendix 12 – Minimum Requirements for enhancing Employee Mobility by Improving the Acquisition and Preservation of Pension Rights

  Part C – Appendix 13 – Encouragement of Long-Term Shareholder Engagement

  Part C – Appendix 14 – Provision of Occupational Pensions Information

  Part C – Appendix 14 – Provision of Occupational Pensions Information – Annex I

  Part C – Appendix 14 – Provision of Occupational Pensions Information – Annex II

  Part C – Appendix 14 – Provision of Occupational Pensions Information – Annex III

  Part C – Appendix 14 – Provision of Occupational Pensions Information – Annex IV

  Part C – Appendix 14 – Provision of Occupational Pensions Information – Annex V

  Part D – Schedule A – Application for Licensing an Occupational Retirement Scheme

  Part D – Schedule B – Application form for formal notification of a proposed cross-border activity

  Part D – Schedule C – Application form for authorisation of a proposed cross-border transfer resulting or not in cross- border activity

Pension Rules for Service Providers

  Part A, Part B, Part C and Part D – Pension Rules for Service Providers Issued in terms of the Retirement Pensions Act, 2011

Part E – Appendices to Pension Rules for Service Providers

  Appendix I – Annex I – Guidance for Automated Interim and Annual Financial Returns

  Appendix I – Annex II – Guidance for Automated Interim and Annual Financial Returns

  Appendix I – Annex III – Calculation of Discounted Fixed Asset and Current Asset Investments

  Appendix I – Annex IV – Financial Returns

  Appendix I – Annex V – Specimen Subordinated Loan Agreement

  Appendix I – Annex VI – Specimen Qualifying Undertaking

  Appendix I – Annex VII – Specimen Bank Guarantee

  Appendix II – Complaints Procedure

  Appendix III – Personal Questionnaire

  Part F – Schedule A – Application for a Licence as a Retirement Scheme Administrator (Full)

  Part F – Schedule B – Application for a Licence as a Retirement Scheme Administrator (Abridged)

  Part F – Schedule C – Application for Licence to provide Investment Management (Full)

  Part F – Schedule D – Application for Licence to provide Investment Management (Abridged)

  Part F – Schedule E – Application for a Licence to Act as a Custodian (Full)

  Part F – Schedule F – Application for a Licence to Act as a Custodian (Abridged)

  Part F – Schedule G – Application for Provision of Back-Office Administration Activities (Full)

  Part F – Schedule H – Application for Provision of Back-Office Administration Activities (Abridged)