Maltese Private Pensions in an International Context

Course Outline

The regulation of pensions under the Special Funds (Regulation) Act and the promotion of Malta as a base to administer foreign personal pensions, has triggered a market for Malta to be used as a base for QROPS, QNUPS and other UK linked pension products that have been in place since 2009.

On the local front on the other hand, the introduction of a mandatory second pillar pension system and voluntary third pillar pensions is touted as the next step in the implementation of the 2006 pension reform, hopefully opening up the local market to the introduction of new personal and occupational pension products for the local market.

The provisions of the new Retirement Pensions Act of 2011 and the new Tax Guidance Notes for Retirement Schemes and Retirement Benefits issued in July of 2012 are also anticipated to spur activity on the market, making it easier for pension funds to locate their activities in Malta.

This course will delve into the current issues and future challenges of the private pension market and will provide attendees with a broad outline of the current legal, tax and regulatory framework for Maltese pensions.

Who Should Attend

The course is ideal for private retirement schemes professionals, insurance or corporate services companies with an interest in pensions and retirement schemes, personal wealth managers, asset managers, banks and custodians, trustees, professionals who are interested in the subject and students

Certification

A Certificate of Attendance will be issued to all participants indicating the attended sessions.

Venue

Institute of Legal Studies Tuition Centre
11/12 Vincenti Buildings, Strait Street, Valletta VLT1432

Dates & Time

 5th, 12th, 19th & 26th November; 3rd December, 2012  

1600 – 1800 hrs

Participation Fee  

€ 300 (Cheques are payable to Institute of Legal Studies Malta)
Special Student Rate €150; fees are smart card refundable 

Registration

To apply kindly use our online registration form.

Programme

Session 1     5th November, 2012; 1600-1800hrs
An Introduction to the Economic side of Pensions
Pay-As-You-Go, Funded or mix ? These are the three options identified by economists and policymakers for adequate and sustainable pensions. Ms. Borg delves deeper and explains the local position in this respect.
Lecturer: Ms. Amanda Borg

Session2        12th November, 2012; 1600-1800hrs
Part I – An Introduction to the Pensions Regulatory Framework
An introduction to the different types of pension structures and regulation with a special focus on personal pension schemes and the provisions of the Special Funds (Regulation) Act, the Retirement Pensions Act and the MFSA directives.
Lecturer: Dr. Matthew Brincat
Part II: An Introduction to QROPS, QNUPS and the Maltese Pensions Market
Lecturers: Dr. Matthew Brincat and Mr Bob Sheasby

Session 3       19th November, 2012; 1600-1700hrs
The Administration and Management of Personal Pension Schemes – A Malta Experience
Applying for a retirement scheme administrator licence, applying for a scheme licence and then complying with the ongoing obligations required by the regulator is all part of the Malta Pensions experience. Mr Codrington, head of pensions at TMF and Vice Chair of the Malta Association of Retirement Scheme Administrators and Mr Bob Sheasby, Director at Domnion will share their experiences in this regard.
Lecturers:  Mr Bethell Codrington and Mr Bob Sheasby

Session 4       26th November, 2012; 1600-1800hrs
Part I – An Introduction to Taxation of Retirement Schemes
The analysis of the tax treatment of occupational and private pension arrangements for local and foreign beneficiaries in the light of the recent directives issued by the Inland Revenue in relation to retirement schemes and benefits there from.
Lecturer: Dr. Stephen Attard
Part II – Relevant Fiscal and Accounting Practical Considerations in relation to Maltese Pensions
Pensions practitioners need to be aware of the various fiscal compliance obligations that arise from administering a pension. VAT, income tax and withholding tax issues are just a few of the many ongoing obligations that pension administrators need to abide by.
Lecturer: Mark Lautier, PWC

Session 5      3rd December, 2012; 1600-1800hrs
Part I – Trust Law and Pensions in Malta
Principles of trust law permeate occupational and private pensions arrangements.
Lecturer: Dr. Matthew Bianchi
Part II – Strengthening Retirement Pensions: Roundtable Discussion on Occupational Schemes and the future in Malta
Representatives of the Malta Association of Retirement Schemes Administrators with experience in occupational schemes amongst others, will muse on the upcoming implementation of second pillar occupational pension schemes and third pillar personal pension schemes in Malta. Participants will be encouraged to share their views.
Moderator: Dr. Matthew Brincat

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