Malta Insurance Association welcomes Government’s intention at setting up pension’s task force

The Malta Insurance Association (“MIA”) welcomes the news, as announced by the Minister of Finance Dr. Edward Scicluna, of the Government’s intentions at setting up a taskforce to consider the introduction of voluntary, second-pillar pensions. Such development would complement the third-pillar schemes which have been only recently introduced to the public. Pension reform has now long been on the National Agenda and in comparison to other European Countries, Malta still lags behind but the recent impetus augurs well that this reform process continues unabated.

The Director General of MIA, Adrian Galea said, “We strongly believe that action, more than words, is needed to generate awareness on the importance of saving for one’s future and retirement. Our members are members are already geared and positioned to provide the general public with the solutions required.”