Consultation on the amendments to the Pension Rules for Personal Retirement Schemes
On the 16th November 2018, the MFSA issued a Consultation Document to the public, highlighting further amendments to be made to the Pension Rules for Retirement Schemes following feedback from the pensions market.
The additional amendments being proposed by the MFSA include amendments to the following:
- The form of Member-Directed Schemes
- The Introduction of the “Professional Member”
- Investment Restrictions in the case of Member-Directed Schemes
- The enhancement of the role and responsibilities of the Retirement Scheme Administrator
- The Retirement Scheme Administrators approval of the investment manager and investment advisor
- The introduction of the monitoring and oversight role for the Custodian Function
- The alteration of Schemes which qualify as Recognised Overseas Pension Schemes
- Amendments to the proposed Right of Withdrawal
- An increase in clarity around the Registered Overseas Pension Scheme as opposed to the Qualified Registered Overseas Pension Scheme
The MFSA is inviting the public to submit any comments by the 30th November 2018. The new Pension Rules are proposed to come into force by the 1st of January 2019.
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