Pensions: Adequate and Sustainable

I am 45 years old. I earn a salary of Lm3,500. How will the reforms affect me?
You will retire at 65 and it is estimated that you will receive a weekly pension of Lm80.

If you wish you may enrol voluntarily under the second pillar pension scheme. A decision is yet to be taken as to whether a person at the age of 45 years will be asked to compulsorily enrol into a second pillar pension scheme should the government in the first structured pensions review to be carried out in 2009 decide to introduce the second pillar pensions scheme as compulsory in 2010. The annuity that you will gain under the second pillar when this pension matures has not been specified yet. It will be calculated by an independent actuarial firm commissioned by MFSA.

I am 40 years old and earn a salary of Lm3,560. How will the reforms affect me?
You will retire at 65 and it is estimated that you will receive a weekly pension of Lm76.93.

If the government, following the 2009 assessment, decides to introduce the mandatory second pillar pensions scheme you will probably have to compulsorily save into a second pillar pension. This pension will mature and you will be eligible to a lump sum upon retirement and an annual annuity payment.

The annuity that you will gain has not been specified yet and will be calculated by an independent actuarial firm commissioned by MFSA.

I am 55 years old. I earn a salary of Lm4,750. How will the reforms affect me?
You will be primarily assessed under the current system other than the increase on the maximum pensionable income.

You will retire at 61 and it is estimated that you will receive a weekly pension of Lm75.98. At the age of 75 years it is estimated that you will receive a weekly pension of Lm101.37.

If you wish you may enrol voluntarily under the second pillar pension scheme. The annuity that you will gain has not been specified yet.