This Strategic Review document, 2020, is the third strategic review to be submitted to the House of Representatives, following the inclusion of Article 64B in the Social Security Act which establishes that the “Minister shall within intervals not exceeding the period of five years lay on the Table of the House a report reviewing the workings of Part V of this Act”. The other two strategic reviews were tabled at the House of Representatives in 2010 and 2015.
The Review presents 5 strategic principles on which Malta’s should be based – these being:
- The need for a clear definition of the objectives of the pension system.
- An adequate and sustainable pension system sustained by a strong employment policy.
- The state pension should constitute a solid foundation, but it should not be the only source of retirement income.
- The pension system is rendered socially sustainable by providing for a fair balance between contributions and benefits across generations.
- To remain adequate and sustainable, the pension system needs to evolve and effectively to respond to long term developments.
With each of these principles the Review presents a number of considerations that may be considered as reform measures.
The Group is holding a consultation process on the Review. You can download the report by clicking here. ĠEMMA welcomes your contribution and suggests that you present your feedback. Your feedback is to be sent to:
Pension Strategic Review
C/O Office of the Permanent Secretary
Ministry for Solidarity and Social Justice, the Family and Children’s Rights