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Friday 5 March 2010

Qrops Advice: Malta’s regulator approves two pension schemes

Malta’s regulator has approved two pension schemes, according to a notice on its website. It was not immediately clear whether these schemes are poised to receive approval for transfers of UK pensions.

HM Revenue & Customs recognised Malta as a jurisdiction to which UK pensions could be transferred at the end of November, following months of negotiations. As reported by International Adviser, that development meant that Malta-domiciled pension schemes approved by the Malta Financial Services Authority (MFSA) are eligible for QROPS status.

However, no Malta companies as yet feature on HMRC's list of Qualifying Recognised Overseas Pension Schemes (QROPS), which was last updated on 22 February.

According to the MFSA, the two schemes it has approved are MCT Malta Private Retirement Scheme in St Julians, and Melita International Retirement Scheme Trust of Sliema, an arm of Dublin-based Custom House Group. Custom House is understood to have approved pension administration operations in Malta.

Sandro Bartoli, managing director of Sliema-based Quest Investment Services, a Maltese advisory firm affiliated with Sparkasse Bank, said the announcement of the two schemes’ approval is being welcomed by IFAs and others on the island. He believes Malta’s membership in the EU will be an important selling point.

Qrops Advice on www.qrops-advisers.com or call 0044 (0)1664 444625

http://www.international-adviser.com/article/maltas-regulator-approves-two-pension-schemes?utm_source=Sign-Up.to&utm_medium=email&utm_campaign=147972-IA+05+Mar+10

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