Retirement schemes have become an important element of investment planning and Malta provides the ideal solution for the setup of international pension pooling vehicles for high-net-worth individuals, international workers planning for retirement or international corporations seeking to establish and administer pension schemes for their staff.
The creation of international pensions plans in Malta became a possibility fairly recently, as pension provision has traditionally been considered from a purely domestic perspective; however, the increasing mobility of both people and companies has facilitated this paradigm shift.
Pensions Information
Here you can find useful information with regards to pensions in Malta.
Retirement Pension
Overview
The Contributory Retirement Pension may be awarded to a person who reaches retirement age.
What you'll get
The Contributory Retirement Pension is paid every 4 weeks in advance.
There are 3 categories of pensions a person can receive:
• TTP - Two-Thirds Pension for claimants who paid an amount of contributions and income declared
• RP - Retirement Pension for claimants in receipt of Service Pension
• NMP - National Minimum Pension is for Insured claimants who paid contributions prior to the 31st January 1979. However, a person who paid contributions both prior and after mentioned date have both NMP and TTP assessed and awarded the most beneficial
You may make use of an online calculator to calculate your potential Contributory Retirement Pension pension entitlement.
Please visit the dedicated page of the Department of Social Security for further information and assistance.
Know your rights
Commission publications and websites:
Who do you need to contact?
Department of Social Security
38, Ordnance Street
Valletta, VLT 1021
List of District Offices, here.
Invalidity Pension
Contributory invalidity pensions are awarded to persons who have at least paid 250 contributions and are suffering from a medical condition which according to the medical board of the Social Security Department renders them as permanently incapable for any full-time and/or any part-time employment.
Such persons must be incapable for work (suffering from their medical condition) for at least six months prior to their claim and in continuous employment and/or registering for work on the Part 1 register held by Jobsplus for at least one (1) year.
There are eight rates of Invalidity Pension according to the yearly average of contributions paid and/or credited and the civil status of the claimant. These rates are not related to the salary earned while in employment.
Widows Pension
Contributory widow’s pensions are awarded to widows whose spouse had paid not less than 156 contributions and to widows where their spouse died as a result of a personal injury during the course of their duties (employment).
A widow's pension is also payable in full without any deductions if widow is carrying out a full-time gainful occupation and, where a widow re-marries, a flat rate widow's pension will be due.
More information about the Social Security Contributions in Malta is available here.