Retirement Pensions (Exemption) Regulations, 2015

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,364, 6 ta’ Jannar, 2015 B 17

L.N. 6 of 2015

RETIREMENT PENSIONS ACT

(CAP. 514)

Retirement Pensions (Exemption) Regulations, 2015

IN exercise of the powers conferred by paragraph (f) 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 Act (Exemption) Regulations, 2015.

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

2015.

(1)

In these regulations, unless the context otherwise Interpretation.

requires -

"the Act" means the Retirement Pensions Act;

"competent authority" refers to the Malta Financial Services

Authority established under the Malta Financial Services Authority Cap. 330.

Act;

"Maltese IORP" means an occupational retirement scheme as

defined in article 2 of the Act, licensed by the competent authority in

terms of the Act, and which qualifies as an IORP for the purposes of

the Occupational Pensions Directive.

(2) Words and expressions which are also used in the Act

shall, in these regulations, have the same meaning as in the Act.

Any person who is appointed by a Maltese IORP, a Exemption from

personal retirement scheme or a retirement fund as an investment licence

Investment

manager in terms of the Act, and is

Manager.

(a) established and duly authorised in a Member State

or EEA State to carry out portfolio investment management in

accordance with Directives 2009/65/EC, 2004/39/EC, 2006/48/

EC, 2002/83/EC or 2011/61/EU, as amended from time to time,

and carries on such services in Malta by way of freedom of

establishment or freedom of services under the respective

Directives; or

(b) an entity which is subject to an equivalent level of

regulatory supervision in the jurisdiction where its operations

take place, having the business organisation, systems,

experience and expertise deemed necessary by the competent

authority for it to undertake investment management activities

and which satisfies any additional criteria which may be set out

in Pension Rules issued by the competent authority from time to

time,

shall be exempt from the provisions of article 6 of the Act.

Any person who is appointed by a Maltese IORP, a

personal retirement scheme or a retirement fund as a custodian in

terms of the Act, and is

(a) established and duly authorised in a Member State

or EEA State to carry out custodian services in accordance with

Directive 2004/39/EC or 2006/48/EC, or accepted as depositary

for the purposes of Directive 2009/65/EC, as amended from

time to time, and carries on such services in Malta by way of

freedom of establishment or freedom of services under the

respective Directives; or

(b) an entity which is subject to an equivalent level of

regulatory supervision in the jurisdiction where its operations

take place, having the business organisation, systems,

experience and expertise deemed necessary by the competent

authority for it to undertake custody services and which satisfies

any additional criteria which may be set out in Pension Rules

issued by the competent authority from time to time,

shall be exempt from the provisions of article 6 of the Act.

Any person established outside Malta who is appointed by

a Maltese IORP, a personal retirement scheme or a retirement fund

licensed under the Act to provide one or more back office

administrative services as established by Pensions Rules, shall be

exempt from the requirement of recognition in terms of article 7 of

the Act provided that the competent authority is satisfied that

(a)

such person is of sufficient standing and repute; and

(b) has the business organisation, systems, experience

and expertise deemed necessary by the competent authority for

it to undertake back office administrative services and which

satisfies any additional criteria which may be set out in Pension

Rules issued by the competent authority from time to time.

The exemptions laid down in paragraph (b) of regulation 3,

paragraph (b) of regulation 4 and regulation 5, shall not be

automatically operative but its applicability shall be subject to a

determination in writing by the competent authority that the requested

exemption applies.

(1) The following retirement schemes are not Exemption from

considered as schemes for the purposes of the Act and accordingly registration

Retirement

none of the provisions of the Act shall apply thereto

Scheme.

(a)

retirement schemes established or regulated under

the following legislation

(i)

the Pensions Ordinance;

(ii) the Police Act;

(iii) the Port Workers Ordinance;

(iv) the Malta Armed Forces Act;

(v)

the Prisons Act; and

(vi) the Members of Parliament Pensions Act.

(b) pension and pension related arrangements resulting

from agreements that have been entered into between the

employer and employees or representatives of employees prior

to the appointed date;

(c)

retirement schemes which had been in operation

prior to the appointed date and which are closed to new

members;

(d) social security schemes, pensions and pension

related arrangements in terms of the Social Security Act.

(2) For the purpose of this regulation, the "appointed date"

means the 1st October 2002.

€0.18