Malta Archives - Pension Policy International

29OctOctober 29, 2024

Malta. Government to enroll its workers in pension schemes, match contributions

The government is to launch a voluntary occupational pensions scheme and will match contributions made by public sector workers, Finance Minister Clyde Caruana announced in his budget speech on Monday. The initiative aims to expand pension savings options for employees by encouraging both public and private sector workers to participate. "While employers will not be obliged to contribute, they must offer their employees the opportunity to join such a plan. It is up to the employee to decline this option," the...

October 29, 2024

NewsMalta, Public Pensions, Voluntary pensions

06MayMay 6, 2022

Malta. Pensions drive up social security spending that hits €322 million mark in first three months

Expenditure on social security benefits in the first three months totalled €322 million, an increase of €65.8 million over the same quarter last year. The increase was almost all due to contributory expenditure, in particular pensions. The additional expenditure is five times higher than the increase in social security benefits in the first quarter between 2021 and 2020. The National Statistics Office said contributory expenditure increased by €66 million, while non-contributory outlay fell marginally by €0.3 million. Pensions in respect of retirement...

May 6, 2022

News2022, Malta, Public Pensions, Social Security

15DecDecember 15, 2020

Malta. Three in ten pensioners at risk of poverty

The proportion of pensioners at risk of living in poverty in Malta is increasing year on year, reaching 29.1 per cent of over 65s last year. And older women are more likely to teeter on the brink of poverty due to having to rely solely on their husband's pension. While all other age groups have seen a reduction in poverty since 2013, those aged over 65 have seen an increase. The latest details were revealed in an evaluation of...

December 15, 2020

News, Slider2020, Adequacy, COVID-19, Income, Malta, Poverty

30AprApril 30, 2019

Malta’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...

April 30, 2019

News, Slider2019, Malta, UK

28MarMarch 28, 2019

Maltese workers might need to delay retirement to maintain living standards

Malta’s low pensions might lead today’s workers to have to remain in employment past their retirement age if they are to maintain the standard of living they became accustomed to, Jobsplus CEO Clyde Caruana has said. Caruana said that, given that pensions in Malta are only 1.2 times the poverty line, meaning that pensioners are not very far from the income level delineating poverty, workers might choose to continue working even when they reach an elderly age. Comparatively, Spain,...

March 28, 2019

News, Slider2019, Malta

29JanJanuary 29, 2019

Malta pensions sector welcomes tighter rules

The industry has sided with the regulator in Malta regarding the significant changes to the Maltese pension regulations which will have a major impact on how advisers operate in the jurisdiction. Malta Association of Retirement Scheme Practitioners (MARSP) said the new framework issued at the end of 2018 governing personal pension schemes in Malta would make the sector more resilient. "MARSP has consulted closely with the Maltese Regulator for many months on these changes and welcomes its...

January 29, 2019

News, Slider2019, Malta

24JulJuly 24, 2017

Malta. Reviewing the pensions paradigm: a disruptive opportunity?

In 1889, the first system of State pension provision was introduced by German Chancellor Otto Von Bismarck. At its inception the system afforded a pension to all those who attained 70 years of age, although the average life expectancy was of around 37 years of age. With time, came advancements in medical and sanitary standards, but it also brought with it the challenges of people’s longevity and the sustainability of the pension system and the economy as a whole. Today...

July 24, 2017

News, SliderMalta

October 2024

Malta. Government to enroll its workers in pension schemes, match contributions

May 2022

December 2020

Malta. Three in ten pensioners at risk of poverty

April 2019

Malta’s tighter pension rules to affect thousands of UK savers

March 2019

Maltese workers might need to delay retirement to maintain living standards

January 2019

Malta pensions sector welcomes tighter rules

July 2017

Malta. Reviewing the pensions paradigm: a disruptive opportunity?