STM MALTA LAUNCH EURBS PRODUCT FOCUSED ON IRISH REPUBLIC WORK PENSIONS MARKET

February 2020

STM Malta has launched a product that offers advantages for individuals with a Republic of Ireland occupational pension scheme, but who no longer live in the Republic of Ireland and have no intention of moving there to retire.

Anyone who fits the product criteria could gain advantages by transferring their pension fund to the STM Protected Retirement Plan (which is licensed and regulated as a personal retirement scheme with the Malta Financial Services Authority) in Malta which is an EU Retirement Benefit Scheme (EURBS). 

Deborah Schembri, Managing Director, STM Malta, said: “We are excited to launch this new product which expands STM Malta’s range of pension offerings. We are now offering a pension solution targeted at individuals with an Irish Occupational Pension Scheme but who are not tax resident in the Republic of Ireland and intend to remain outside the Republic of Ireland. We look forward to launching other products.”

To be eligible to apply for the plan an individual must:

  • – Be a member of a Republic of Ireland occupational pension scheme with a transferable preserved benefit where the qualifying service in employment relating to the scheme exceeded two years and terminated (otherwise than on death) before normal pensionable date.
  • – Wish to transfer that pension for bona fide reasons (e.g. retiring overseas and wanting to consolidate pensions) and not for the purpose of circumventing the Republic of Ireland pension or tax rules.
  • – Be tax resident outside the Republic of Ireland and intend to remain so.
  • – Have no intention to retire to the Republic of Ireland.

Other terms and conditions also apply – click here for details. Advisers interested in this product are asked to request STM’s simple 3-step application process and information which explains how their clients could benefit from transferring their Republic of Ireland occupational pension into STM Malta’s EURBS (click here for details). 

For more product information please click here or contact STM Malta Relationship Manager James Witchell-Jones by emailing james.witchell-jones@stmmalta.com 

STM Malta Trust and Company Management Limited is registered as a Retirement Scheme Administrator with the Malta Financial Services Authority. The STM Protected Retirement Plan is an EU Retirement Benefit Scheme licensed and regulated as a Personal Retirement Scheme by the Malta Financial Services Authority. The licence of the Scheme is not an endorsement by the MFSA of the scheme’s financial performance, and there exists no statutory provision for compensation in the case where the scheme is unable to satisfy the liabilities attributable to it.

 

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