If you stop working for a period during your working life and resume at a later stage, your state pension may be affected.
If you do not have a full contribution record, you risk not qualifying for the full two-thirds pension. This means you will have a reduced pension income.
If you are employed or self-occupied, you have the option to pay Social Security Contributions (SSCs) to fill any gaps in your contribution record which will eventually improve your pension rate.
The scheme is applicable for those persons who:
- are currently employed or self-occupied.
- are 59 years up to and including 65 years of age
- decide to pay contributions up to a maximum of 5 years (260 contributions)
Contributions may only be paid for periods of residence in Malta.
Applicable rate due is the current Class 2 Social Security Contribution Rate SA, which in 2020 stands at €30.77 per contribution.
For retrospective SSC payment, attached application needs to be completed and submitted.
Bill will also include an indication of the difference in pension rate so that you will decide if it will be worth-it paying additional contributions or otherwise.
Persons who earn income from trade, business, profession, or any other economic activity who have failed to pay their social security contributions have to option to settle the 5 years of their social security contributory history at the time they decide to regularise their position.