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ARTICLE · 02 FEBRUARY 2015

New Pensions Legislation

MFSA – Malta Financial Services Authority
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The Retirement Pensions Act (Chapter 514 of the Laws of Malta) which was published by means of Act No. XVI of 2011 in the Government Gazette on the 5th August 2011 came into force on the 1st January 2015.

MaltaFinance and Banking
Abigail Attard
Abigail Attard
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The Retirement Pensions Act (Chapter 514 of the Laws of Malta) which was published by means of Act No. XVI of 2011 in the Government Gazette on the 5th August 2011 came into force on the 1st January 2015. This Act repeals and replaces the Special Funds (Regulation) Act (Chapter 450 of the Laws of Malta), regulations and directives issued thereunder.

The Retirement Pensions Act provides the legal framework for the licensing and regulation of retirement schemes, whether personal or occupational, retirement funds and service providers related thereto, as well as the requirement of recognition for persons carrying on back-office administrative activities. The scope of the Act is similar to that of the Special Funds (Regulation) Act, that is, it provides for a regulatory framework for occupational retirement schemes, retirement funds, and service providers but specifically makes reference to schemes setup as personal retirement schemes.

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