Contributory Pensions & Third Pillar Pensions – Malta [ONLINE LIVE SESSION]

40.00 Inc VAT

Thursday, 07 May 2020 | 14:00 (Europe/Malta)

Online Live Session

MIA Accreditation | 3 hours Professional Development in terms of the Accountancy Board CPE Scheme.

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Contributory Pensions – Edward Buttigieg

The Social Security Act (Chapter 318) provides for a Two-Thirds Pension Scheme and for a Retirement Pension Scheme with the first one providing an earnings-related pension and the latter providing a flat rate pension.    Beneficiaries eligible to a minimum retirement or widows pension, to an Invalidity pension, or in receipt of a service pension, are awarded a flat rate pension.  Beneficiaries eligible to an earnings-related retirement or survivors pension are awarded an earnings-related two-thirds pension.

Retirement age currently stands at 62 and is gradually increasing to reach 65 by 2027, and the maximum contribution period to draw a full pension is currently 35 years.  It will increase to 40 years for those born between 1/1/1962 and 31/12/1968, and 41 years for those born on or after 1/1/1969.

The two-thirds pension rate provides for a maximum retirement and survivors rate that reflects the maximum capped social security contribution rate.  All pensions are adjusted annually as a result of the cost of living awarded by the Government.  Reforms to the pensions system are on-going to maintain the sustainability and adequacy of the system for current and future beneficiaries.  Apart from increases in the pension age and contributory periods, recent reforms also included the launch of second and third pillar pensions.

The Third Pillar Pensions – Dr Andrea Zerafa

Pensions are traditionally divided into three Pillars, the First Pillar refers to Public Pensions, the Second Pillar refers to Occupational Pensions and the third Pillar is the Personal Pension Schemes. In Malta, the Second and the Third Pillar are not mandatory. Any Personal or Occupational Schemes are regulated by the MFSA in line with the Retirement Pensions Act, Regulations and Pension Rules issued thereunder. Recently the Maltese Government has launched the Third Pillar Pension Scheme which encourages Maltese residents to start saving for their pension by investing in private products. As a result, Third Pillar Pensions have started gaining popularity in Malta. In my presentation, I will be going through a number of provisions of the Retirement Pensions Act, Regulations and Pension Rules for Personal Retirement Schemes which regulate Retirement Scheme Administrators and Personal Retirement Schemes.

Speaker

Edward Buttigieg joined the Social Security Department in 1986 and currently holds the post of Director responsible for the operations of all the Contributory Pensions, Short-term Benefits, and Family Benefits administered by the Department under the Social Security Act (Cap. 318). Mr Buttigieg is a member of the Pensions Strategy Group within the Ministry for the Family, Children’s Rights and Social Solidarity tasked with on-going Pension Reforms, a member of the Working Group on Ageing Issues of the Social Protection Committee within the European Commission, and a member of the Governmental Committee on the Social Security Code and the Revised European Social Charter within the Council of Europe.

Dr Andrea Zerafa is a Senior Legal Officer within the Legal and Regulatory function of the Insurance and Pensions Supervision Unit within the MFSA. Dr Zerafa has been working at the MFSA for the past eight years. She has been involved in the transposition of the IORP II Directive in Maltese Legislation. Dr. Zerafa was also involved in the latest amendments to the Pension Rules for Personal Retirement Schemes.

 

 

Events Resources

Event Details

Day 1: 07/05/2020

Start time: 14:00

End time: 17:15

Venue: Online Live Session

Phone: +356 27555560 / +356 77555560

Email: info@societyeducation.online