Pensions: Adequate and Sustainable

You may wish to 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 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 is still to be calculated and will be carried out by an independent actuarial firm commissioned by MFSA.

I am 52 years old. I earn a salary of Lm10,000. How will the reforms affect me?
You will retire at 62 and it is estimated that you will receive a weekly pension of Lm113.61. At the age of 75 it is estimated that you will receive a weekly pension of Lm141.89. You may if you wish enrol voluntarily under the second pillar pension scheme. The annuity that you will gain however is still to be calculated.

I am 45 years old. I earn a salary of Lm10,000. How will the reforms affect me?
You will retire at 65 and it is estimated that you will receive a weekly pension of Lm133.65.

I am 40 years old. I earn a salary of Lm10,000. How will the reforms affect me?
You will retire at the age of 65 and it is estimated that you will receive a weekly pension of Lm101.37.

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. 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.