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.

The Authorisations Process

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(1/2) The Authorisation Process 

The MFSA is the competent authority in Malta responsible for granting authorisation to persons seeking to carry out financial services activities. Authorisation is an important part of the overall supervisory framework.

The authorisation process of entities seeking to enter the financial services industry is a key function of the Malta Financial Services Authority in its gatekeeper role. The objective of the assessment of an application for authorisation is to ensure that criteria detailed under the respective financial services legislation are satisfied at authorisation stage and continue to be fulfilled on an ongoing basis.

The Malta Financial Services Register

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(2/2) The Malta Financial Services Register 

The Malta Financial Services Authority’s Financial Services Register is a public record that shows details about firms licensed and regulated by the Authority.

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

  Part C – Appendix 15 – Programmed Withdrawals – Drawdown Rates

Service Providers

Retirement Funds

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 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 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

Archives

Special Funds Regulation

Special Funds (Regulation) Act – Repealed

 

Special Funds (Regulation) Act Cap. 450

Summary of the Special Funds (Regulation) Act

 

Subsidiary Legislation – Special Funds (Regulation) Act – Repealed

 

S.L. 450.01(R) – Special Funds (Registration of Retirement Fund Custodians) Regulations (Repealed by Legal Notice 3 of 2015)

S.L. 450.02(R) – Special Funds (Control of Assets) Regulations (Repealed by Legal Notice 3 of 2015)

S.L. 450.03(R) – Special Funds (Control of Assets) Regulations (Repealed by Legal Notice 3 of 2015)

S.L. 450.04(R) – Special Funds (Regulation) Act (European Passport Rights for Institutions for Occupational Retirement Provision) Regulations (Repealed by Legal Notice 3 of 2015)

S.L. 450.05(R) – Special Funds (Regulation) Act (Exemption) Regulations(Repealed by Legal Notice 3 of 2015)

S.L. 450.06(R) – Special Funds (Regulation) Act (Retirement Schemes Exemption) Regulations (Repealed by Legal Notice 3 of 2015)

Directives applicable as from 31st December 2015

  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

Pension Rules issued under the Retirement Pensions Act applicable as from 1st January 2016

Pension Rules for Personal Retirement Schemes issued in terms of the Retirement Pensions Act, applicable as from 1st January 2016

 

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

 

Pension Rules for Occupational Retirement Schemes issued in terms of the Retirement Pensions Act, applicable as from 1st January 2016

 

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

 

Pension Rules for Service Providers issued in terms of the Retirement Pensions Act, applicable as from 1st January 2016

 

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

 

Pension Rules for Retirement Funds issued in terms of the Retirement Pensions Act, applicable as from 1st January 2016

 

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

Pension Rules issued under the Retirement Pensions Act applicable as from 1st January 2019

Pension Rules issued under the Retirement Pensions Act applicable as from 18th March 2020

Circular

 

Circular relating to the new Retirement Pensions (Transitional Provisions on Back-Office Administrators) Regulations, 2020

 

Glossary

 

Glossary to the Pension Rules

 

Pension Rules for Occupational Retirement Schemes issued in terms of the Retirement Pensions Act, applicable as from 1st January 2019

 

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

  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

Schedule B – Application Form for Formal Notification of a Proposed Cross-Border Activity

Schedule C – Application Form for Authorisation of a Proposed Cross-Border Activity

Application for Licensing for an Occupational Retirement Scheme