The future of Malta’s pensions sector: financial sustainability ‘indispensable’ to protecting elderly

At an event hosted by STM Malta Pensions Services Limited and attended by several high-profile speakers, STM CEO and Managing Director, Deborah Schembri, spoke of the importance pension systems play in protecting older people from poverty.

She said that financial sustainability of pension schemes was “an indispensable means to this end”, adding that in the years ahead, supplementary pensions (i.e., other than state pensions) would need to play an “ever greater role in maintaining the future adequacy of pensions, in particular where the adequacy of public pensions is expected to deteriorate”.

Malta’s Finance and Employment Minister Clyde Caruana was among the high-profile speakers in attendance of the event organized earlier in September, which focused on the future of the island’s pensions sector.

The event covered a wide range of topics including an overview of the current situation regarding state and private pensions, the advantages of personal pensions, benefits of occupational pensions to both employers and employees, and how investment risk is managed.

Guests also included Michael Farrugia, Minister for Senior Citizens and Active Ageing; David Spiteri Gingell, from Gemma, Ministry for Social Justice and Solidarity, the Family and Children’s rights; David Agius MP, Deputy Leader of the Nationalist Party and pensions sustainability spokesperson; Marthese Portelli, CEO, Malta Chamber of Commerce; and Karl Micallef, Executive Director and Chief Investment Officer, Curmi & Partners. STM Malta Pension Services Limited was represented by CEO & Managing Director, Deborah Schembri, and Gerald Xuereb, Relationship and Business Development Manager.