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‘The sustainability of pensions being addressed’, says minister
The Pensions’ Strategy Group is tasked to deliver a report to the social solidarity minister by September 2014.
12 January 2014, 12:00am
Jerome Caruana Cilia
Jerome Caruana Cilia
1 min read
In an effort to address the sustainability of pensions, the ministry for social solidarity, Marie Louise Coleiro Preca has set up the Pensions' Strategy Group, that will deliver a detailed report by September 2014, Sunday newspaper Illum reports.
Chaired by the permanent secretary within the ministry Mark Musu, the group is tasked withdrawing up a holistic report aimed at addressing the adequacy and sustainability of Malta's pension.
Prior to the government introducing a strategy for the early introduction of a third pillar pension and subsequent fiscal measures, it will consult with a newly-set-up working group within the Pensions' Strategy Group.
The incentives are expected to cost the government approximately €1.5 million during the first year.
The Pensions' Strategy Group is also tasked with the assessment of reforms regarding current pensioners and the recommendations presented in the Strategic Pensions Review carried out by the 2010 Pensions Working Group.
Moreover, the Group will be tasked with making recommendations on the introduction of third pillar pensions and developing a communications strategy directed towards raising the level of public awareness on pensions issues in Malta.
The other members within the Pensions' Strategy Group include Alfred Camilleri, Joe Camilleri, Godwin Mifsud, Aaron Grech, Maya Mijanic Brinkworth, Etienne Caruana, Anthony Cristina, Joe Cachia, Jack Calamatta, Edward Buttigieg and David Spiteri Gingell.
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Hon. Minister. Marie Louise Coleiro Preca. It is not only the sustainability of these pensions that should be addressed but also all the anomalies of such pensions. What about those pensioners who have a treasury pension. What is the reason that their pensions are never revised to reflect the wage they had on the day of their retirement? Why when they reach the age applicable for the National Insurance pension they are denied a full pension because they have a treasury pension. The treasury pension is a service pension and has nothing to do with the National Insurance Pension which is a contributory pension to which pension every beneficiary contributed all his working life to the full. So it is illegal to reduce the amount that is supposed to be paid to these pensioners on the pretention that they have a treasury pension.
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Hon. Minister. Marie Louise Coleiro Preca. It is not only the sustainability of these pensions that should addressed but also all the anomalies of such pensions. What about those pensioners who have a treasury pension. What is the reason that their pensions are never revised to reflect the wage they had on the day of their retirement? Why when they reach the age applicable for the National Insurance pension they are denied a full pension because they have a treasury pension. The treasury pension is a service pension and has nothing to do with the National Insurance Pension which is a contributory pension to which pension every beneficiary contributed all his working life to the full. So it is illegal to reduce the amount that is supposed to be paid to these pensioners on the pretention that they have a treasury pension.
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It is not only the sustainability of these pensions that should addressed but also all the anomalies of such pensions. What about those pensioners who have a treasury pension. What is the reason that their pensions are never revised to reflect the wage they had on the day of their retirement? Why when they reach the age applicable for the National Insurance pension they are denied a full pension because they have a treasury pension. The treasury pension is a service pension and has nothing to do with the National Insurance Pension which is a contributory pension to which pension every beneficiary contributed all his working life to the full. So it is illegal to reduce the amount that is supposed to be paid to these pensioners on the pretention that they have a treasury pension.
