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SpanishMalta’s tighter pension rules to affect thousands of UK savers
Malta is introducing tougher pension rules which stipulates that advisers must be regulated in the jurisdiction where their client is based, a move that will affect tens of thousands of British savers.
The new rules, due to come into effect on 1 July 2019 according to the Malta Financial Services Authority (MSFA), will impact the way in which pension trustees administer both new scheme applications and existing members on a number of levels. deVere Group estimates that in the UK alone, around 30,000 UK pensions have already transferred into a Malta-based Qualifying Recognised Overseas Pension Schemes (QROPS).
Under the new rules, licensed advisers must also be allowed to provide investment advice to the pension scheme member.
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