Malta’s Finance Minister Clyde Caruana was among the high-profile speakers at an STM Malta Pension Services Limited event last week which focused on the future of the Island’s pensions sector.
Guests also included Dr 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; Dr 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.
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. Deborah Schembri emphasised the vital role that pension systems play in protecting older people from poverty and allowing them to enjoy decent living standards and economic independence. She said that the financial sustainability of pension schemes was ‘an indispensable means to this end’, and added 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’.