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 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 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
Subsidiary Legislation
S.L. 514.02 – Retirement Pensions Act (Exemption) Regulations
S.L. 514.03 – Retirement Pensions (Control of Assets) Regulations
S.L. 514.04 – Retirement Pensions (Technical Provisions) Regulations
S.L. 514.06 – Retirement Pensions (Fees) Regulations
S.L. 514.08 – Retirement Pensions (Cross-Border Activities and Cross-Border Transfers) Regulations
S.L. 514.09 – Retirement Pensions (General Provisions of Supervision) Regulations
Pension Rules applicable as from 1st January 2019
Rules Issued Under the Retirement Pensions Act, 2011
Glossary to The Pension Rules
Pension Rules For Personal Retirement Schemes
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 – Programmed Withdrawals – Drawdown Rates
Retirement Schemes – Occupational
Subsidiary Legislation
S.L. 514.02 – Retirement Pensions Act (Exemption) Regulations
S.L. 514.03 – Retirement Pensions (Control of Assets) Regulations
S.L. 514.04 – Retirement Pensions (Technical Provisions) Regulations
S.L. 514.06 – Retirement Pensions (Fees) Regulations
S.L. 514.08 – Retirement Pensions (Cross-Border Activities and Cross-Border Transfers) Regulations
S.L. 514.09 – Retirement Pensions (General Provisions of Supervision) Regulations
Pension Rules applicable as from 18th March 2020
Rules Issued Under the Retirement Pensions Act, 2011
Glossary to The Pension Rules
Pension Rules For Occupational Retirement Schemes
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 11- Personal Questionnaire
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
Aggregate Statistical Data
Article 51(2)(c) of the IORP II Directive, requires the MFSA to ensure that aggregate statistical data on key aspects of the application of the prudential framework is publicly disclosed.
Aggregated Statistical Data 2022 Full
Aggregated Statistical Data 2022 Exempt
Aggregated Statistical Data 2021 Full
Aggregated Statistical Data 2021 Exempt
Service Providers
Subsidiary Legislation
S.L. 514.02 – Retirement Pensions Act (Exemption) Regulations
S.L. 514.03 – Retirement Pensions (Control of Assets) Regulations
S.L. 514.04 – Retirement Pensions (Technical Provisions) Regulations
S.L. 514.06 – Retirement Pensions (Fees) Regulations
S.L. 514.08 – Retirement Pensions (Cross-Border Activities and Cross-Border Transfers) Regulations
S.L. 514.09 – Retirement Pensions (General Provisions of Supervision) Regulations
Pension Rules applicable as from 1st January 2015
Rules Issued Under the Retirement Pensions Act, 2011
Glossary to The Pension Rules
Pension Rules for Service Providers
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 – Compilation of 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
Retirement Funds
Subsidiary Legislation
S.L. 514.02 – Retirement Pensions Act (Exemption) Regulations
S.L. 514.03 – Retirement Pensions (Control of Assets) Regulations
S.L. 514.04 – Retirement Pensions (Technical Provisions) Regulations
S.L. 514.06 – Retirement Pensions (Fees) Regulations
S.L. 514.08 – Retirement Pensions (Cross-Border Activities and Cross-Border Transfers) Regulations
S.L. 514.09 – Retirement Pensions (General Provisions of Supervision) Regulations
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
Pension Rules for Retirement Funds
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
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. 450.02(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)
Directives applicable as from 31st December 2015
Part A – The Special Funds (Regulations) Act, 2002 and the Registration Requirements
Part B – Standard Operational Conditions
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 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)
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
Pension Rules for Occupational Retirement Schemes issued in terms of the Retirement Pensions Act, applicable as from 1st January 2016
Pension Rules for Service Providers issued in terms of the Retirement Pensions Act, applicable as from 1st January 2016
Pension Rules for Retirement Funds issued in terms of the Retirement Pensions Act, applicable as from 1st January 2016
Pension Rules issued under the Retirement Pensions Act applicable as from 1st January 2019
Pension Rules for Service Providers issued in terms of the Retirement Pensions Act, applicable as from 1st January 2019
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
Pension Rules issued under the Retirement Pensions Act applicable as from 18th March 2020
Circular
Glossary
Pension Rules for Occupational Retirement Schemes issued in terms of the Retirement Pensions Act, applicable as from 1st January 2019
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 11- Personal Questionnaire
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