MALTA – Two subsidiaries of financial services providers Abacus and Carey Group have launched a new pension scheme in Malta targeting expatriates.
The scheme is the first from Abacus’s Malta-based fiduciary arm Abacus Corporate Services (ACSL), recently granted a Retirement Scheme Administrator licence from the island’s financial regulator, the Malta Financial Services Authority.
The new scheme has been created jointly by ACSL and Carey Pensions & Benefits and is aimed at the expatriate community, the two providers said.
It has been approved in Malta and is now awaiting Qualifying Recognised Overseas Pension Scheme (QROPS) approval by HM Revenues and Customs (HMRC) in the UK, they said.
Garry Crossan, chief executive at ACSL in Malta, said that now the firm had a Retirement Scheme Administrator licence it expected to offer a range of retirement products through partner networks.