Retirement Pensions Act (Fees) Regulations, 2024

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 21,366, 24 ta’ Diċembru, 2024

L.N. 371 of 2024

RETIREMENT PENSIONS ACT

(CAP. 514)

Retirement Pensions Act (Fees) Regulations, 2024

IN EXERCISE of the powers conferred by article 37 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

commencement.

Pensions Act (Fees) Regulations, 2024.

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

2025, and shall apply to fees falling due on, or after the said date.

(regulations 3, 4 and 5)

Application Fees

Fees falling due in

Fees falling due in

Fees falling due in

2027 and thereafter

€

€

€

Retirement schemes

3,500

5,000

6,500

Retirement funds

Fund application fee

3,500

5,000

6,500

Sub-fund application

fee

Service providers

Retirement scheme

4,000

6,000

8,000

administration

Custodian or trustee

9,000

Reduced fee

11,000

Reduced fee

13,000

Reduced fee

services

7,000

9,000

11,000

Investment management

4,000

Reduced fee

5,500

Reduced fee

7,000

Reduced fee

3,000

4,500

6,000

(1)

In these regulations, unless the context otherwise Interpretation.

requires

"Act" means the Retirement Pensions Act;

"net revenue" means the gross revenue noted in the annual

audited financial statements for the preceding year which is

derived from the investment management services which a

service provider is licensed to provide under the Act, less any

commissions which have been paid or are to be paid in

connection with the provision of such services.

(2) Words and expressions used in these regulations which are

defined in the Act, but which are not herein defined shall have the

same meaning as assigned to them in the Act.

(regulations 3, 4 and 5)

Annual Supervisory Fees

Fees falling due in

Fees falling due in

Fees falling due in

2027 and thereafter

€

€

€

Retirement schemes

3,000

4,500

6,000

Retirement funds

Fund supervisory

3,000

4,500

6,000

fee

Sub-fund

supervisory fee

Service providers

Retirement scheme

2,500

4,500

6,500

administration

Custodian or trustee

12,000

15,000

17,000

services

Investment management

Minimum fee

Minimum fee

Minimum fee

4,000

6,000

8,000

Revenue up to €250,000

4,000

6,000

8,000

Every additional

€250,000 in revenue or

part thereof

€0.27

(1)

A retirement scheme applying to the competent Fees in relation

authority for a licence in accordance with article 4 of the Act shall, to

schemes.

upon submission of an application to the competent authority in

accordance with article 8 of the Act, pay to the competent authority

an application fee as established in the First Schedule, as applicable.

(2) A retirement scheme licensed in accordance with article 9

of the Act shall, subject to the provisions of sub-regulation (3), pay to

the competent authority an annual supervisory fee as established in

the Second Schedule, as applicable.

(3) The annual supervisory fee due in accordance with sub-

regulation (2) shall be paid to the competent authority on the date

when a retirement scheme is granted a licence under the Act and

annually thereafter on the date when such a licence was granted.

(1)

A retirement fund applying to the competent

authority for a licence in accordance with article 5 of the Act shall,

upon submission of an application to the competent authority in

accordance with article 8 of the Act, pay to the competent authority

the following application fee

(a)

the fund application fee established in the First

Schedule, as applicable; and

(b)

where applicable, the sub-fund application fee

established in the First Schedule, as applicable, with respect to

every sub-fund.

(2) A retirement fund licensed in accordance with article 9 of

the Act shall, subject to the provisions of sub-regulation (3), pay to

the competent authority the following annual supervisory fee

(a)

the fund supervisory fee established in the Second

Schedule, as applicable; and

(b)

where applicable, the sub-fund supervisory fee

established in the Second Schedule, as applicable, with respect

to every sub-fund established by the date when the annual

supervisory fee is due in accordance with sub-regulation (3).

(3) The annual supervisory fee due in accordance with sub-

regulation (2) shall be paid to the competent authority on the date

when a retirement fund is granted a licence under the Act and

annually thereafter on the date when such a licence was granted.

(1)

A person applying to the competent authority for

one (1) or more licences to provide any of the services established in

the First Schedule of the Act in accordance with article 6 of the said

Act shall, upon submission of an application to the competent

authority in accordance with article 8 of the Act, pay to the competent

authority an application fee as established in the First Schedule, as

applicable, with respect to every such licence being applied for

Provided that where such person is already licensed under

the Banking Act or the Investment Services Act to provide any of the

services for which a licence is being applied for under the Act, the

reduced application fee established in the First Schedule, as

applicable, shall apply with respect to every such licence being

applied for.

(2) Notwithstanding the provisions of sub-regulation (1),

where a person applies to the competent authority for two (2) or

more licences or to provide any of the services established in the

First Schedule of the Act, the application fee due by such person

with respect to every such licence in accordance with sub-

regulation (1), other than the highest application fee, shall be

reduced by twenty-five per cent (25%).

(3) Where a person that holds one (1) or more licences under

the Act to provide any of the services established in the First

Schedule of the said Act intends to provide one (1) or more services

in addition to those which it is licensed to provide, it shall, upon the

submission of an application to the competent authority for every

additional licence, pay to the competent authority the application fee

established in sub-regulation (1) with respect to every such licence

being applied for, which application fee shall be reduced by twenty-

five per cent (25%).

(4) A person that holds one (1) or more licences under the Act

to provide any of the services established in the First Schedule of the

said Act shall pay to the competent authority an annual supervisory

fee as established in the Second Schedule, as applicable, with respect

to every such service which it is licensed to provide

Provided that where such person holds more than one (1)

licence as referred to in this sub-regulation, the annual supervisory

fees due by such person in accordance with this sub-regulation with

respect to every service which it is licensed to provide, other than the

highest of the said annual supervisory fees, shall be reduced to

seventy-five per cent (75%) of the relevant annual supervisory fees

established in the Second Schedule, as applicable.

(5) Without prejudice to the provisions of sub-regulation (4),

where a service provider is licensed to provide investment

management services under the Act, the annual supervisory fee due

with respect to such services in accordance with the said sub-

regulation shall be the following

(a)

the annual supervisory fee established in the

Second Schedule, as applicable, for the first two hundred and

fifty thousand euro (€250,000) in net revenue; and

(b)

where applicable, the annual supervisory fee

established in the Second Schedule, as applicable, for every

additional two hundred and fifty thousand euro (€250,000) in

net revenue or part thereof

Provided that, in any case, the annual supervisory fee due

with respect to such services shall not be less than the minimum

annual supervisory fee established in the Second Schedule, as

applicable.

(6) Notwithstanding the provisions of sub-regulations (4) and

(5), the first annual supervisory fee due to the competent authority by

a service provider licensed to provide investment management

services under the Act shall be the aggregate of the following

(a)

the minimum annual supervisory fee established in

the Second Schedule, as applicable, with respect to such

services prorated according to the period remaining between the

date when the service provider is granted a licence under the

Act to provide the said services and the end of the calendar year

in which such licence was granted; and

(b)

the minimum annual supervisory fee established in

the Second Schedule, as applicable, with respect to such

services prorated according to the period between the start of

the following calendar year and the date when the next

supervisory fee is due in accordance with sub-regulation (7).

(7) The annual supervisory fee due in accordance with sub-

regulation (4) shall be paid to the competent authority on the date

when a service provider is granted a licence under the Act and

annually thereafter on the date when such a licence was granted

Provided that the first annual supervisory fee due by a

service provider licensed to provide investment management services

under the Act in accordance with sub-regulation (6) shall be paid to

the competent authority on the date when such service provider is

granted a licence under the Act to provide such services, and every

annual supervisory fee following the first annual supervisory fee

which is due by such service provider in accordance with sub-

regulations (4) and (5) shall be paid to the competent authority one

(1) month from the date of submission of the annual audited financial

statements as established by law.

(1)

The fees established and due in terms of these

regulations shall not be refundable.

(2) Without prejudice to regulation 5(6), the fees established

and due in terms of these regulations shall not be prorated.

(1)

The Retirement Pensions (Fees) Regulations are

hereby repealed without prejudice to anything done or omitted to

be done thereunder.

(2) These regulations shall not be deemed to affect the liability Transitory

in respect of any fees due under the Retirement Pensions (Fees) provision.

Regulations prior to the coming into force of these regulations.