Pensions: Adequate and sustainable

You may enrol voluntarily under the second pillar pension scheme. A decision is yet to be taken whether a 45-year-old will be asked for compulsory enrolment 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.

I am 52 years old. I earn a salary of Lm4,750. How will the reforms affect me?
You will retire at 62 and it is estimated that you will receive a weekly pension of Lm83.87. At the age of 75 it is estimated that you will receive a weekly pension of Lm107.37. If you wish you may enrol voluntarily under the second pillar pension scheme. The annuity that you will gain has not been specified yet.

I am currently 45 years old. I earn a salary of Lm4,750. How will the reforms affect me?
You will retire at 65 and it is estimated that you will receive a weekly pension of Lm107.36.

The annuity that you will gain under the second pillar when this pension matures is still to be calculated and will be carried out by an independent actuarial firm commissioned by the MFSA.

I am currently 40 years old. I earn a salary of Lm4,750. How will the reforms affect me?
You will retire at 65 and it is estimated that you will receive a weekly pension of Lm94.38.

If the government, following the 2009 assessment, decides to introduce the mandatory second pillar pensions scheme you will probably have to compulsory save into a second pillar pension. Upon retirement, 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 however is still to be calculated and will be carried out by an independent actuarial firm commissioned by MFSA.