Session 1 - Contributory Pensions Session 2 - The Sustainability of Pensions | FinanceMalta | 12 October 2017 | Tower Business Centre, Lower Ground (LG), Tower Training Centre, Swatar Triq it-Torri, Swatar, Malta

1st Session

The Social Security Act (Cap 318) provides for a two-thirds Contributory Scheme, for a Retirement Pension Scheme, and for a Non-Contributory Age Pension. Eligibility for a two-thirds pension and retirement pension rests on pension age, contribution record, and pensionable income. For a non contributory age pension, eligibility depends on age and on specific conditions of a means test.
Social Security Benefits has the aim to provide basic information on the Pension schemes available as administered by the Department of Social Security. Thus, the types of pensions available, and the related eligibility conditions under both schemes will be covered so that participants will have a better overview of the pensions under the Social Security Act.

2nd Session

My Pension - Do I know the details?
This session will be an interactive session on the current state of play of the Maltese pension system. The presentation will address a number of questions currently being asked such as: What is the sustainability of the local pension system in the long term? What is a Pillar II and a Pillar III pension? Are these pensions voluntary or obligatory and how do they operate in other countries? Government has recently issued a tax incentive to encourage people to consider a voluntary pension under Pillar III, the session will delve into how such a tax rebate works. Finally the session will explore the question: What is the right amount of money I should be putting aside to ensure that I can sustain my current standard of living when I decide to retire?

2017 Speakers

•Edward Buttigieg joined the Social Security Department in 1986 and currently holds the post of Director responsible for the operations of all the Contributory Pensions, Short-term Benefits, and Family benefits administered by the Department under the Social Security Act (Cap. 318). He is a member of the Working Group on Ageing Issues of the Social Protection Committee, and a member of the Governmental Committee on the European Social security Code and the Revised European Social Charter.

•Mario Farrugia has been employed with BOV for the past 28 years. He has held various positions and roles within the bank. Since 2011 he is Head of Bancassurance. Mario is a Fellow of The Chartered Insurance Institute of London as is also a Chartered Insurance Practitioner.