Retirement Pensions (Fees) Regulations, 2015

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,364, 6 ta’ Jannar, 2015

L.N. 10 of 2015

RETIREMENT PENSIONS ACT

(CAP. 514)

Retirement Pensions (Fees) Regulations, 2015

IN exercise of the powers conferred by paragraphs (b) and (k) of

sub-article (1) of article 37 of the Retirement Pensions Act, the

Minister for Finance, acting on the advice of the Malta Financial

Services Authority, has made the following regulations:-

(1) The title of these Regulations is the Retirement Citation and

commencement.

Pensions (Fees) Regulations, 2015.

(2) These regulations shall come into force on the 1st January

2015, and shall apply to fees falling due on or after the said date.

(3) Nothing in these regulations shall be deemed to affect the

liability in respect of any fees due under the Special Funds (Fees) L.N. 64 of 2014.

Regulations, 2014, prior to the coming into force of these regulations.

(Regulation 3)

First Column

Second Column

Third Column

Application Fee

Supervisory Fee

€

€

Retirement Schemes

Scheme - 1,500

Scheme - 2500

Retirement Funds

• Fund - 1,600

• Fund - 2,000

• Sub-funds (per sub • Sub-funds (per sub

fund) - 450

fund) - 500

Retirement Scheme

Administrator

(a) licensed under the

Retirement

Pensions

Act other than the

persons

listed

in

paragraphs (b), (c) and

(d)

(i) not

performing

investment

management

functions or acting

as custodian;

1,000

1,500

(ii) performing

investment

management

functions or acting

as custodian;

2,000

2,500

(b) already licensed under

the Investment Services

Act, as a Category 2 or

3 Investment Services

Licence Holder to

provide the relevant

services;

Nil

Nil

(c) already authorised to

carry out long term

business under the

Insurance Business Act,

in class VII - ‘pension

fund management’;

Nil

Nil

(d) in the case of a

Retirement

Scheme

established as a trust, a

corporate

trustee

already licensed to

provide trustee services

under the Trusts and

Trustees Act.

Nil

Nil

Investment Managers

(a) licensed under the

Retirement

Pensions

Act, other than the

persons

listed

in

paragraphs (b) and (c)

1,000

For revenue up

to €250,000

Further tranches

of €250,000 100 per

tranche

or part

thereof

(b) authorised

by

an

equivalent

non-EU

jurisdiction

Nil

(c) licensed under the

Investment

Services

Act

to

provide

investment

management services

in terms of the Act - or

authorised by their

home Member State or

Nil

Nil

EEA State

Custodians

(a) licensed under the

Retirement

Pensions

Act, other than the

persons

listed

in

paragraphs (b) and (c); 1,000

1,000

(b) authorised

by

an

equivalent

non-EU

jurisdiction;

Nil

(c) licensed under the

Investment

Services

Act to act as a

custodian or authorised

by their home Member

State or EEA State.

Nil

Nil

Retirement

Scheme/Fund

Back Office Administrator

(a) recognised under the

Retirement

Pensions

Act other than the

persons

listed

in

paragraph (b);

(b) already in possession

of

a

recognition

certificate issued under

the

Investment

Services

Act,

to

provide

back-office

administration;

Nil

Nil

(c) established in a non EU

jurisdiction to provide

one or more back-

office administrative

services, as established

by Pension Rules.

Nil

€0.18

Any reference in these regulations to "the Act" is a Interpretation.

reference to the Retirement Pensions Act, and the provisions of article Cap. 514.

2 of the Act shall also apply to these regulations.

There shall be paid to the competent authority by any Payment of

application and

service provider, retirement scheme or retirement fund

annual

supervisory

fees.

(a)

upon submission of an application for the granting

of a licence or recognition, irrespective of whether the

application is eventually accepted or not, the application fee

specified in the Second Column of the Schedule;

(b) on the date of the granting of a licence or

recognition, the annual supervisory fee specified in the Third

Column of the said Schedule;

(c)

thereafter annually, upon the anniversary of such

date as is mentioned in paragraph (b), the same annual

supervisory fee established in the Third Column of the said

Schedule.

None of the fees established as due in terms of these Non-refundable

fees.

regulations shall be refundable or prorated.