MALTA - The Opposition leader has said pension funding and payments should be resegregated - as they were in the 70s.
Over 30 years ago, pension contributions and outlays were integrated into the annual government budget.
In an article, Malta Labour Party Alfred Sant, claimed a real pensions reform would see pensions funding and payments being made into a separate system once again.
He criticised the Nationalist Party government plans to increase national insurance contributions and raise the retirement age to make up for the future pension shortfall.
"A real pensions change implies further tax burdens," Sant said. He questioned whether this would be the correct move when the country was already steeped in taxation.
"A change in the pension system must be tied into a wider framework to fuel Malta's economy," the Opposition leader concluded.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.