The increasing mobility of companies and individuals brings more to the fore the importance of creating international pension plans which were previously considered to be a purely domestic matter.
The enactment of the Retirement Pensions Act [Chapter 514 of the Laws of Malta] has supplemented the Maltese legal framework to license and regulate occupational and personal retirement schemes, retirement funds and related service providers, including the recognition of the back-office administrative services.
HM Revenue & Customs has also confirmed that Retirement Schemes established in Malta and regulated by the MFSA may be considered on a case by case basis for Qualifying Recognised Overseas Pension Schemes (QROPS) under UK Law, thus allowing the transfer of pension rights into the scheme without a UK tax charge.
At GTG we are able to offer assistance in the following areas:
- Advisory services on the setting up of the scheme or fund
- The Licensing Requirements and Licensing Process
- Guidance on post-licensing obligations and governance requirements
- Drafting of related documentation, including trust deeds, agreements and service contracts for third parties
- Dispute resolution relating to any claims against the scheme or fund
- Assistance in passporting