Date : 08 March 2010

News Brief : The Malta Financial Services Authority (MFSA) has today issued the first registrations for Retirement Schemes under the Special Funds (Regulation) Act.

News Text : The Malta Financial Services Authority (MFSA) has today issued the first registrations for Retirement Schemes under the Special Funds (Regulation) Act. The Melita International Retirement Scheme, which is to be administered by Custom House Global Fund Services Limited, and the MCT Malta Private Retirement Scheme, to be administered by MC Trustees (Malta) Limited, are the first Schemes to be registered under the Act and it is expected that the administrators will now submit notifications to Her Majesty’s Revenue and Customs in the UK that the Schemes fulfil the requirements for being a “qualifying recognised overseas pension scheme (QROPS)” under UK Law.
The MFSA announced in December 2009 that HMRC had confirmed that pension schemes established in Malta and regulated by the MFSA may be considered on a case by case basis to be eligible for QROPS status. This recognition is based on the current legislation in both Malta and the UK.