Pensions Adequate: and Sustainable

I am 40 years old. I earn a salary of Lm6,000. How will the reforms affect me?
You will retire at 65 and it is estimated that you will receive a weekly pension of Lm101.37.

If the government following the 2009 assessment decides to introduce the mandatory second pillar pensions scheme you will probably have to compulsory save into a second pillar pension. Upon retirement, this pension will mature and you will be eligible to a lump sum upon retirement and an annual annuity payment.

The annuity that you will gain is still to be calculated and will be carried out by an independent actuarial firm commissioned by MFSA.

I am 55 years old. I earn a salary of Lm6,750. How will the reforms affect me?
You will be primarily assessed under the current system other than the increase on the maximum pensionable income.

You will retire at 61 and it is estimated that you will receive a weekly pension of Lm102.89. At the age of 75 it is estimated that you will receive a weekly pension of Lm145.38. If you wish you may enrol voluntarily under the second pillar pension scheme. The annuity that you will gain however is still to be calculated.

I am 52 years old. I earn a salary of Lm6,750. How will the reforms affect me?
You will retire at 62 and it is estimated that you will receive a weekly pension of Lm110.84. At the age of 75 it is estimated that you will receive a weekly pension of Lm141.89. If you wish you may enrol voluntarily under the second pillar pension scheme. The annuity that you will gain is still to be calculated.