B 511
Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,366, 13 ta’ Marzu, 2020
Taqsima  B
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L.N. 45 of 2020
RETIREMENT PENSIONS ACT
(CAP. 514)
Retirement Pensions (Defined Benefit Retirement Schemes) 
(Amendment) Regulations, 2020
 IN EXERCISE of the powers conferred by articles 26 and
37(1)(i)of the Retirem ent Pensions Act, the Minister responsible for
the regulation of financial ser vices, acting on the advice of the Malta
Financial Services Authority, has made the following regulation s:-
Citation and 
commencement.
S.L. 514.04.1. (1) The title of these regulations is the Retirement
Pensions (Defined Benefit Retirement Schemes) (Amendment)
Regulations, 2020 and these regulations shall be read and const rued as
one with the Retirement Pensions (Defined Benefit Retirement
Schemes) Regulations, hereinafte r referred to as "the principal
regulations".
(2) These regulations shall come into force on such date as the
Minister responsible for the regulation of financial services m ay by
notice in the Gazette establish, and different dates may be soestablished for different provisions of these regulations.
Amends the title 
of the principal 
regulations.2.  The title of the principal regulations shall be substituted by
the following: 
"RETIREMENT PENSIONS (TECHNICAL
PROVISIONS) REGULATIONS".
Amends regulation 1 of 
the principal 
regulations.3. In regulation 1 of the principal regulations, the words the
"Retirement Pensions (Defined Benefit Retirement Schemes)
Regulations'', shall be substituted by the words ''the Retirement
Pensions (Technical Provisions) Regulations''.
Amends 
regulation 2 of 
the principal regulations.4. In sub-regulation (2) of regulation 2 of the principal
regulations, the definition "defined benefit retirement scheme"  shall be
deleted.
Substitutes 
regulation 3 of 
the principal regulations.5. Regulation 3 of the principal regulations shall be
substituted by the following:
"3. These regulations shall apply to every retirement
scheme which is either an occupational retirement scheme or a
personal retirement scheme, providing cover against biometricrisks or guarantees either an investment performance or a given
VERŻJONI ELETTRONIKA
B 512
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level of benefits in terms of the Act and any reference to
"retirement scheme" in these regulations shall construed
accordingly.". 
Substitutes 
regulation 4 of 
the principal regulations.6. Regulation 4 of the principal regulations shall be
substituted by the following:
Amends regulation 7 of the principal 
regulations.7. In sub-regulation (1) of regulation 7 of the principal
regulations, the words, "the valu e of the retirement scheme ass ets is
more", shall be substituted by the words, "the value of the assets of the
retirement scheme is more"."Technical 
provisions and 
technical funding 
requirements4. (1) Every retirement scheme shall establish
sufficient technical provisions in accordance with these
regulations and Pension Rules issued thereunder.
(2) The calculation of the technical provisions
shall take place at such intervals as stipulated in thePension Rules.
(3) Every retirement scheme shall be subject to
and shall comply with a technical funding requirement, as
well as with provisions regar ding under-provision or over-
provision of the technical funding requirement established
in terms of these regulations.".
VERŻJONI ELETTRONIKA