Australian and New Zealand Residents with Malta-based Overseas Pensions, find out if you are you prepared for the coming changes to Maltese pension laws.

After receiving the go-ahead, the Malta Financial Services Authority (MFSA) is implementing amendments that change the way QROPS providers handle transfers and deal with financial advisers. The amendments bring in stringent new rules both for advisers and asset/investment restrictions. Following news of these regulatory changes, Australian and New Zealand pensioners with their pensions in Malta-based overseas schemes are being urged to check whether their pension pots are at risk and whether their financial advisers can still act and work on their behalf.

 As an update to our previous article outlining the changes being made to Maltese pension regulation, this article focuses primarily on Australian and New Zealand residents.

 Under the current Maltese regulation, pensioners and savers are able to solicit pension and transferring advice and information from independent, unlicensed advisers, as long as they are based in the region. However, with the enactment of the new regulations, not only will advisors need to be licensed in Malta, but will also now need to be authorised by the pension regulating body in the country the saver is based (Australia or New Zealand). Furthermore, the amendment also includes investment restrictions and changes to what can be invested in. This is to ensure that the adviser suitably regulated to give advice to investors, is acting in the best interest of their clients and that the assets in the Scheme are properly diversified.

Going forward, it is predicted that some of the advisers will be unable to meet the new requirements, preventing them from effectively fulfilling their obligations to their clients. Are you ready? Ensuring that you are well prepared and positioned for these changes is crucial for the future management of your pension pot. If you currently have your pension in a Malta-based QROPS it is recommended that you check whether your current adviser is both licensed locally and authorised by either Australian or New Zealand pension regulating bodies. At this time, it may also be critical to make sure that your individual needs are able to be met and that your investments are of good quality, well diversified and performing.

 If you are resident in New Zealand or Australia and need assistance with your Malta-based QROPS, need a new locally regulated advisor to comply with the changing regulations, want a review of your investment, or just want to talk, then we can help you.

 New Zealand based Ranfurly Strategic offer a listed Superannuation Scheme, as well as an agent that can assist you through the transfer process, prepare transfer forms, and assist in obtaining the required UK and NZ advice that you need. The Ranfurly Scheme is listed on the UK Government Recognised Pension Schemes List.

 With Ranfurly, be closer and in more control of your money and be assured knowing that your pension is backed by award-winning investment groups.

 To get ahead in your retirement journey, start now.

 Contact us here