Pensions

As one of the pioneers of the private pensions industry in Malta, GANADO has reaped the benefits of its foresight and occupies the enviable position of leader in this fast growing sector.

Leveraging off our experience in employment, trusts and finance matters, we have established a dedicated Pensions Industry Group that is geared towards providing the pensions market with the necessary legal, corporate, tax and regulatory advice and assistance.

With the new Retirement Pensions Act (Cap. 514, Laws of Malta) set to come into force in the coming months, Malta is well on track towards creating a tailored legislative framework for personal pension plans and at consolidating the current regulatory framework for pensions currently regulated by the Special Funds (Regulation) Act (Cap. 450, Laws of Malta) and the retirement directives published by the Malta Financial Services Authority (MFAS). Trustees, retirement and pensions administrators, asset managers, life insurers, actuaries and financial institutions generally participating in an international pensions industry in Malta are set to be affected by such changes. GANADO has the necessary expertise, knowledge and resources to assist these players adapt to the emerging regulatory landscape, and to assist them in taking full advantage of the inevitable opportunities that will arise.

GANADO’s expertise in the pensions market is evidenced through its assisting the Maltese Government with drafting of local legislation relating to trusts, taxation of pensions and employment matters generally. GANADO was also heavily involved in the establishment of the Malta Association of Retirement Scheme Practitioners and acts as acts as secretary general to the same association.

Our Pensions Industry Grouping assists clients with the setting-up and authorisation of Trustees, Retirement Scheme Administrators and Asset Managers wanting to assist with the investment of pension funds. GANADO has indeed assisted the majority of Malta’s licensed retirement scheme administrators and pension schemes to obtain their licences required to operate in Malta and it has also assisted IORPs with obtaining registration in Malta in line with the relative EU Directive on the matter. A large number of our clients have also proceeded to seek QROPS (Qualifying Recognised Overseas Pension Scheme) or QNUPS (Qualified Non-UK Pension Scheme) status in the United Kingdom or similar overseas registrations.

GANADO’s Pensions Industry Grouping brings lawyers from our dedicated Employment & Pensions Team together with leading lawyers in other practice areas to offer its pensions clients an integrated service offering including taxation, insurance, investment services and dispute resolution.

Related Practice Areas

GANADO has a leading and well-developed corporate practice. It regularly advises a broad portfolio of international corporate clients on commercial and corporate law matters and provides company administration support services.

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GANADO regularly advises both multinationals and locals regarding their Maltese data protection obligations ranging from the more mundane registration of processes with the local data protection regulatory authority and drafting of privacy policies for the firm’s client base to advising on complex transactions involving global data transfers and advising on the data protection aspects of large scale data theft, losses and cyber terrorism.

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Our Employment & Pensions Team acts for many of the islands’ employers on an array of areas such as the drafting of contracts of employment, employment handbooks, employment policies, share option schemes, pension schemes and other related documents. GANADO also assists clients in relation to dismissals, termination of employment, redundancies (including collective redundancies), matters relative to employee information and consultation, the transfer of undertakings and employee protection, employment discrimination and harassment, industrial disputes and all types of litigation connected with such matters.

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Commercial and Contract Law is at the centre of every activity performed by GANADO’s lawyers. Apart from the various aspects dealt with in the specific practice areas, the firm assists traders, corporate entities and private individuals alike in the more generic and non-sector specific aspects of commercial and contract law.

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GANADO’s leading Investment Services & Funds Team has extensive experience in advising investment funds of all types at all stages of their life-cycle.

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GANADO has an extensive and well respected Court practice, concentrated mainly around commercial and maritime litigation.

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GANADO provides advice on the regulatory aspects of anti-money laundering and counter terrorist financing legislation and regulations.

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GANADO provides Maltese tax advice to a variety of international corporate entities out of which a good number are listed on international stock exchanges. These include financial institutions, insurers, investment funds, fund managers, pension funds, private equity groups and shipping entities. We also advise private clients from across the globe on a range of tax matters.

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GANADO has led the project team that was entrusted with the Trust Law Reform project (which culminated in the extensive 2004 amendments to the Maltese law on trusts, and other related legislation), and with the enactment of the 2007 provisions on foundations and other legal organisations. The Trusts and Foundations practice is regularly involved in structuring, and providing general legal advice on, trusts and foundations in Malta, and is also responsible for ongoing assistance to various Maltese based (local and international) trustees.

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