Retirement Pensions schemes (both personal and occupational) and pension service providers are regulated in terms of the Retirement Pensions Act, regulations issued thereunder as well as Pensions Rules made by the MFSA.
Supervision of retirement schemes and pension service providers is carried out in a proportionate manner and comprises an appropriate combination of off-site and on-site supervision. Duties are carried out in a transparent and accountable manner taking into account the protection of confidential information.
The MFSA is mainly responsible for:
- The prudential supervision of Retirement Schemes and pension service providers licensed under the Retirement Pensions Act;
- Ensuring that licensed occupational schemes carrying out cross-border activities satisfy the requirements of the European Occupational Pensions Directive;
- Ensuring that schemes and pension service providers licensed under the Act comply with the provisions of the pensions legislation;
- Exercising its powers of intervention in the circumstances and as set out in the Retirement Pensions Act.
When carrying out the tasks assigned to it under the Pensions legislation, the MFSA is required to consider:
- the interests of beneficiaries, members, and investors;
- the promotion of competition and choice.