Retirement Pensions (Defined Benefit Retirement Schemes)

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,366, 13 ta’ Marzu, 2020 B 511

L.N. 45 of 2020

RETIREMENT PENSIONS ACT

(CAP. 514)

Retirement Pensions (Defined Benefit Retirement Schemes)

(Amendment) Regulations, 2020

IN EXERCISE of the powers conferred by articles 26 and

37(1)(i)of the Retirement Pensions Act, the Minister responsible for

the regulation of financial services, 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

Pensions (Defined Benefit Retirement Schemes) (Amendment) commencement.

Regulations, 2020 and these regulations shall be read and construed as

one with the Retirement Pensions (Defined Benefit Retirement S.L. 514.04.

Schemes) Regulations, hereinafter referred to as "the principal

regulations".

(2) These regulations shall come into force on such date as the

Minister responsible for the regulation of financial services may by

notice in the Gazette establish, and different dates may be so

established for different provisions of these regulations.

The title of the principal regulations shall be substituted by Amends the title

of the principal

the following

regulations.

"RETIREMENT

PENSIONS

(TECHNICAL

PROVISIONS) REGULATIONS".

In regulation 1 of the principal regulations, the words the Amends

"Retirement Pensions (Defined Benefit Retirement Schemes) regulation

the principal

Regulations'', shall be substituted by the words ''the Retirement regulations.

Pensions (Technical Provisions) Regulations''.

In sub-regulation (2) of regulation 2 of the principal Amends

regulations, the definition "defined benefit retirement scheme" shall be regulation

the principal

deleted.

regulations.

Regulation 3 of the principal regulations shall be Substitutes

regulation 3 of

substituted by the following

the principal

regulations.

"3. These regulations shall apply to every retirement

scheme which is either an occupational retirement scheme or a

personal retirement scheme, providing cover against biometric

risks or guarantees either an investment performance or a given

level of benefits in terms of the Act and any reference to

"retirement scheme" in these regulations shall construed

accordingly.".

Regulation 4 of the principal regulations shall be

substituted by the following

4. (1) Every retirement scheme shall establish

provisions and

sufficient technical provisions in accordance with these

regulations and Pension Rules issued thereunder.

(2) The calculation of the technical provisions

shall take place at such intervals as stipulated in the

Pension Rules.

(3) Every retirement scheme shall be subject to

and shall comply with a technical funding requirement, as

well as with provisions regarding under-provision or over-

provision of the technical funding requirement established

in terms of these regulations.".

In sub-regulation (1) of regulation 7 of the principal

regulations, the words, "the value of the retirement scheme assets is

more", shall be substituted by the words, "the value of the assets of the

retirement scheme is more".

€0.09