Chapter 450

In short

This law regulates special funds, specifically focusing on retirement funds and schemes, to ensure they operate correctly and provide retirement benefits as intended.

What it regulates

• The registration and operational requirements for retirement schemes and funds.
• The funding requirements for occupational schemes.
• Permitted investments, borrowing, expenses, and distributions for these funds.
• Advertising and disclosure rules, and the rights arising from a scheme.

Who it concerns

• Individuals and employers contributing to or benefiting from retirement schemes.
• Entities that provide, maintain, or administer retirement funds and schemes in Malta.

Key points

• No person shall provide or maintain a scheme or retirement fund in Malta unless it is registered and complies with the Act's requirements.
• A scheme must have as its principal purpose the provision of retirement benefits.
• All contributions to a scheme may be invested exclusively in one or more retirement funds, except for ancillary cash.
• A scheme cannot provide for the payment of retirement benefits to five or fewer beneficiaries, or solely from a long-term insurance contract, or commence payments earlier than age fifty or later than age seventy (with specific exceptions for permanent invalidity, death, or a cash lump sum if no longer employed).