Seminar on pension reform

PKF Malta is to hold a half-day seminar on pension reform on Monday.

The event is aimed at economists, representatives of government ministries, trade unions and the public.

This is a follow-up conference on pension reform to the first held in 2003 when Prime Minister Lawrence Gonzi, then Social Policy Minister had participated as speaker.

Pension reform is an issue that urgently needs to be addressed. There have been a number of developments both in Malta and overseas on pensions reform.

The seminar aims to bring the main stakeholders together to discuss and analyse the situation, to objectively assess pension reform and examine the options that are open to government, unions, and the private sector alike. Under the current law, the government is legally bound to carry out a periodic, five-yearly strategic review of the reform so one hopes that soon, changes are introduced to reflect evolving circumstances. The law stipulates that the first review must be carried out and presented to Parliament by not later than December 31.

According to the Prime Minister, the government will now be considering the introduction of the second pillar pension.

It has set up a study group to explore the best path to introduce private retirement schemes funded by employers and employees to supplement the present state pension. Naturally, the study group will also need to gain further understanding on occupational pension scheme regulation and be conscious on what has been happening in France, Germany and the UK.

It is no wonder that the European Commission urged the government to introduce with “urgency” reforms in the pension and healthcare sectors to assure the long-term sustainability of Malta’s public finances. This seminar does not come a moment too soon.

For more information on the seminar contact Audrey–Ann Cassingena at PKF Malta on 2748 4375 or at a.cassingena@pkfmalta.com.

Mario Duca

The author is managing partner of 2M Management Consultancy Ltd which specialises in family business consulting and training through a partnership with Family Business Solutions Ltd, and holds directorships in several companies.