L.S. 514.10 Regolamenti dwar Retirement Pensions Act (Fees)

(1)The title of these regulations is the Retirement Pensions Act (Fees) Regulations. Citation and commencement.

(2)These regulations shall come into force on the 1st January 2025, and shall apply to fees falling due on, or after the said date. 2.

(1)otherwise requires: In these regulations, unless the context "Act" means the Retirement Pensions Act; Interpretation. Cap. 514. "net revenue" means the gross revenue noted in the annual audited financial statements for the preceding year which is derived from the investment management services which a service provider is licensed to provide under the Act, less any commissions which have been paid or are to be paid in connection with the provision of such services.

(2)Words and expressions used in these regulations which are defined in the Act, but which are not herein defined shall have the same meaning as assigned to them in the Act. 3.

(1)A retirement scheme applying to the competent authority for a licence in accordance with article 4 of the Act shall, upon submission of an application to the competent authority in accordance with article 8 of the Act, pay to the competent authority an application fee as established in the First Schedule, as applicable. Fees in relation to retirement schemes.

(2)A retirement scheme licensed in accordance with article 9 of the Act shall, subject to the provisions of sub-regulation

(3), pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable.

(3)The annual supervisory fee due in accordance with subregulation

(2)shall be paid to the competent authority on the date when a retirement scheme is granted a licence under the Act and annually thereafter on the date when such a licence was granted. 4.

(1)A retirement fund applying to the competent authority for a licence in accordance with article 5 of the Act shall, upon submission of an application to the competent authority in Fees in relation to retirement funds. Amended by: L.N. 62 of 2025. 2 [ S.L. 514.10 RETIREMENT PENSIONS ACT (FEES) accordance with article 8 of the Act, pay to the competent authority the following application fee: (a) the fund application fee established in the First Schedule, as applicable; and (b) where applicable, the sub-fund application fee established in the First Schedule, as applicable, with respect to every sub-fund.

(1a)Where a retirement fund licensed in accordance with article 9 of the Act intends to create one

(1)or more new sub-funds, such retirement fund shall pay to the competent authority the subfund application fee established in the First Schedule, as applicable, with respect to every such sub-fund.

(2)A retirement fund licensed in accordance with article 9 of the Act shall, subject to the provisions of sub-regulation

(3), pay to the competent authority the following annual supervisory fee: (

1. a)the fund supervisory fee established in the Second Schedule, as applicable; and (
2. b)where applicable, the sub-fund supervisory fee established in the Second Schedule, as applicable, with respect to every sub-fund established by the date when the annual supervisory fee is due in accordance with sub-regulation

(3). Fees in relation to service providers.  Cap. 371. Cap. 370.

(3)The annual supervisory fee due in accordance with subregulation

(2)shall be paid to the competent authority on the date when a retirement fund is granted a licence under the Act and annually thereafter on the date when such a licence was granted. 5.

(1)A person applying to the competent authority for one

(1)or more licences to provide any of the services established in the First Schedule of the Act in accordance with article 6 of the said Act shall, upon submission of an application to the competent authority in accordance with article 8 of the Act, pay to the competent authority an application fee as established in the First Schedule, as applicable, with respect to every such licence being applied for: Provided that where such person is already licensed under the Banking Act or the Investment Services Act to provide any of the services for which a licence is being applied for under the Act, the reduced application fee established in the First Schedule, as applicable, shall apply with respect to every such licence being applied for.

(2)Notwithstanding the provisions of sub-regulation

(1), where a person applies to the competent authority for two

(2)or more licences or to provide any of the services established in the First Schedule of the Act, the application fee due by such person RETIREMENT PENSIONS ACT (FEES) [ S.L. 514.10 with respect to every such licence in accordance with subregulation

(1), other than the highest application fee, shall be reduced by twenty-five per cent (25%).

(3)Where a person that holds one

(1)or more licences under the Act to provide any of the services established in the First Schedule of the said Act intends to provide one

(1)or more services in addition to those which it is licensed to provide, it shall, upon the submission of an application to the competent authority for every additional licence, pay to the competent authority the application fee established in sub-regulation

(1)with respect to every such licence being applied for, which application fee shall be reduced by twentyfive per cent (25%).

(4)A person that holds one

(1)or more licences under the Act to provide any of the services established in the First Schedule of the said Act shall pay to the competent authority an annual supervisory fee as established in the Second Schedule, as applicable, with respect to every such service which it is licensed to provide: Provided that where such person holds more than one

(1)licence as referred to in this sub-regulation, the annual supervisory fees due by such person in accordance with this subregulation with respect to every service which it is licensed to provide, other than the highest of the said annual supervisory fees, shall be reduced to seventy-five per cent (75%) of the relevant annual supervisory fees established in the Second Schedule, as applicable.

(5)Without prejudice to the provisions of sub-regulation

(4), where a service provider is licensed to provide investment management services under the Act, the annual supervisory fee due with respect to such services in accordance with the said subregulation shall be the following: (

1. a)the annual supervisory fee established in the Second Schedule, as applicable, for the first two hundred and fifty thousand euro (€250,000) in net revenue; and (
2. b)where applicable, the annual supervisory fee established in the Second Schedule, as applicable, for every additional two hundred and fifty thousand euro (€250,000) in net revenue or part thereof: Provided that, in any case, the annual supervisory fee due with respect to such services shall not be less than the minimum annual supervisory fee established in the Second Schedule, as applicable.

(6)Notwithstanding the provisions of sub-regulations

(4)and

(5), the first annual supervisory fee due to the competent 3 4 [ S.L. 514.10 RETIREMENT PENSIONS ACT (FEES) authority by a service provider licensed to provide investment management services under the Act shall be the aggregate of the following: (

1. a)the minimum annual supervisory fee established in the Second Schedule, as applicable, with respect to such services prorated according to the period remaining between the date when the service provider is granted a licence under the Act to provide the said services and the end of the calendar year in which such licence was granted; and (
2. b)the minimum annual supervisory fee established in the Second Schedule, as applicable, with respect to such services prorated according to the period between the start of the following calendar year and the date when the next supervisory fee is due in accordance with sub-regulation

(7).

(7)The annual supervisory fee due in accordance with subregulation

(4)shall be paid to the competent authority on the date when a service provider is granted a licence under the Act and annually thereafter on the date when such a licence was granted: Provided that the first annual supervisory fee due by a service provider licensed to provide investment management services under the Act in accordance with sub-regulation

(6)shall be paid to the competent authority on the date when such service provider is granted a licence under the Act to provide such services, and every annual supervisory fee following the first annual supervisory fee which is due by such service provider in accordance with subregulations

(4)and

(5)shall be paid to the competent authority one

(1)month from the date of submission of the annual audited financial statements as established by law. Non-refundable or prorated fees. 6.

(1)The fees established and due in terms of these regulations shall not be refundable.

(2)Without prejudice to regulation 5

(6), the fees established and due in terms of these regulations shall not be prorated. Repeal and saving. S.L. 514.06. 7.

(1)The Retirement Pensions (Fees) Regulations are hereby repealed without prejudice to anything done or omitted to be done thereunder. Transitory provision. S.L. 514.06.

(2)These regulations shall not be deemed to affect the liability in respect of any fees due under the Retirement Pensions (Fees) Regulations prior to the coming into force of these regulations. FIRST SCHEDULE [ S.L. 514.10 RETIREMENT PENSIONS ACT (FEES) 5 (regulations 3, 4 and 5) Application Fees Retirement schemes Retirement funds: Fund application fee Sub-fund application fee Service providers: Retirement scheme administration Custodian or trustee services Investment management Fees falling due in 2025 € 3,500 Fees falling due in 2026 € 5,000 Fees falling due in 2027 and thereafter € 6,500 3,500 800 5,000 800 6,500 800 4,000 6,000 8,000 9,000 4,000 Reduced fee 7,000 Reduced fee 3,000 11,000 5,500 Reduced fee 9,000 Reduced fee 4,500 13,000 7,000 Reduced fee 11,000 Reduced fee 6,000 SECOND SCHEDULE (regulations 3, 4 and 5) Annual Supervisory Fees Retirement schemes Retirement funds: Fund supervisory fee Sub-fund supervisory fee Service providers: Retirement scheme administration Custodian or trustee services Investment management Revenue up to €250,000 Every additional €250,000 in revenue or part thereof Fees falling due in 2025 € 3,000 Fees falling due in 2026 € 4,500 Fees falling due in 2027 and thereafter € 6,000 3,000 4,500 6,000 800 800 800 2,500 4,500 6,500 12,000 15,000 17,000 Minimum fee 4,000 4,000 300 Minimum fee 6,000 6,000 400 Minimum fee 8,000 8,000 500