Pensions Supervision The MFSA is responsible for the oversight of authorised Service Providers (Retirement Scheme Administrators, Investment Managers and Custodians), Personal Retirement Schemes, Occupational Retirement Schemes and Retirement Funds taking into account the best interest of members and beneficiaries in accordance with the regulatory obligations. FIND OUT MORE

Pensions Supervision

The MFSA is responsible for the authorisation and subsequent oversight of authorised Service Providers (Retirement Scheme Administrators, Investment Managers and Custodians), Personal Retirement Schemes, Occupational Retirement Schemes (‘Retirement Schemes’) and Retirement Funds in line with the Retirement Pensions Act, subsidiary legislation and the Pension Rules.

Supervision of Service Providers, Retirement Schemes and Retirement Funds is carried out in a proportionate manner and comprises an appropriate combination of off-site and on-site supervision. In exercising its function and duties under the Retirement Pensions Act, the MFSA ensures that such that such duties are carried out in a transparent and accountable manner, taking into consideration the protection of members and beneficiaries, the promotion of competition and choice and the reputation and suitability of the applicant and other connected parties.

Retirement Schemes – Personal

Retirement Schemes – Occupational

Service Providers

Retirement Funds

Archives

Retirement Schemes – Personal

Retirement Schemes – Occupational

Pension Rules applicable as from 18th March 2020

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

Service Providers

Retirement Funds

Pension Rules applicable as from 18th 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.

Archives

Pension Rules applicable as from 1st January 2015

The Retirement Pensions Act (‘the Act’) (Chapter 514 of the Laws of Malta) came into force on the 1st January 2015. The new Regulations and Pension Rules also came into force on the 1st January 2015.

A new set of Regulations and Pensions Rules have been issued under the Act to supplement the legal framework for the licensing and regulation of Retirement Schemes (both Occupational and Personal), Retirement Funds and Service Providers related thereto, as well as for the requirement of recognition for persons carrying on back-office administrative services.

Transitional Process (The Retirement Pension Act)

 

  Note for Information

 

Rules Issued Under the Retirement Pensions Act, 2011

 

Glossary to The Pension Rules

  Glossary to the Pension Rules

 

Pension Rules For Occupational Retirement Schemes (applicable until 17 March 2020)

 

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

 

Pension Rules For Personal Retirement Schemes

 

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

 

Part C Appendices to Pension Rules for Personal Retirement Schemes

  Part C – Appendix 1 – Contents of the Constitutional Document of a Personal 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 – Personal Questionnaire

  Part D – Application for Licensing a Personal Retirement Scheme – Non-Member Directed

  Part D – Application for Licensing a Personal Retirement Scheme – Member Directed

 

Pension Rules for Retirement Funds

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

 

Part C Appendices to Pension Rules for Retirement Funds

  Part C – Appendix 1 – Contents of Constitutional Document

  Part C – Appendix 2 – Contents of Fund Particulars

  Part C – Appendix 3 – Annual Report

  Part C – Appendix 4 – Half-Yearly Report

  Part C – Appendix 5 – Auditors Letter of Engagement

  Part C – Appendix 6 – Personal Questionnaire

  Part D – Schedule A – Application for Licensing of Retirement Funds

 

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)

Directives Applicable until 31st December 2014

The Retirement Pensions Act (“the Act”) (Chapter 514 of the Laws of Malta) came into force on the 1st January 2015. The new Regulations and Pension Rules also came into force on the 1st January 2015.

A new set of Regulations and Pensions Rules have been issued under the Act to supplement the legal framework for the licensing and regulation of Retirement Schemes (both Occupational and Personal), Retirement Funds and Service Providers related thereto, as well as for the requirement of recognition for persons carrying on back-office administrative services.

Traditional Process (The Retirement Pensions Act)

 

  Note for Information

 

Directives Issued Under The Special Funds (Regulation) Act, 2002

 

  Table of Contents

  Introduction

  Part A – The Special Funds (Regulations) Act, 2002 and the Registration Requirements

  Part B – Standard Operational Conditions

  Part C – General Directives

  Part D – Appendix 1 – Guidance for Financial Returns

  Part D – Appendix 2 – Financial Returns

  Part D – Appendix 3 – Certificate of Compliance

  Part D – Appendix 4 – Information to be included in Monthly Reports – Retirement Funds

  Part D – Appendix 5 – Retirement Scheme – Form of Annual Report

  Part D – Appendix 6 – Retirement Fund – Form of Annual Report

  Part D – Appendix 7 – Actuarial Funding Certificate

  Part D – Appendix 8 – Actuarial Transfer Value Certificate

  Part D – Appendix 9 – Investment Restrictions

  Part D – Appendix 10 – Schedule of Payments

  Part D – Appendix 11 – Personal Questionnaire

  Part E – Schedule A – Application Form for Retirement Scheme

  Part E – Schedule B – Application Form for Retirement Fund

  Part E – Schedule C – (Full) Application Form for Registration as a Retirement Scheme/Fund Administrator

  Part E – Schedule D – (Abridged) Application Form for Registration as a Retirement Scheme/Fund Administrator

  Part E – Schedule E – Application Form for Asset Manager

  Part E – Schedule F – Application Form for Retirement Fund Custodian (Full)

  Part E – Schedule G – Application Form for Retirement Fund Custodian (Abridged)

  Part E – Schedule H – Financial Resources Statements