The government is to set up a regulatory framework and introduce fiscal incentives to encourage people to take out private pensions – better known as third pillar pensions.

Finance Minister Edward Scicluna said the mechanism will be discussed with operators.

He also announced that the government was carrying out studies with a view of enabling people to pay in social security contributions which were missed, along with some additional payment.

SERVICE PENSIONS

The minister said that those in receipt of a service pension would see an additional €200 in their pension.

Widows and Widowers will receive their full pension, independently of the age of their children and income.

He said day centres for the elderly will be set up in Vittoriosa and Balzan.

Tax on the transfer of property from parents to children with disabilities was being removed.

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