The Malta Financial Services Authority (MFSA) has identified disclosure gaps and broader weaknesses in governance, oversight and quality assurance in a review of pension statements. All Retirement Scheme Administrators (RSAs) are expected to assess gaps against the findings and implement improvements where necessary. The review covered five licensed RSAs, representing 45% of Malta’s licensed administrators, and assessed 155 Member Statements and 45 Pension Benefit Statements for the 2024 reporting period. For member-directed personal retirement schemes, omissions concerned underlying investments, fees and charges, contributions, investment managers or advisers, and material changes affecting members’ accounts. Some statements were not issued or were issued in a manner that did not fully comply with the Pension Rules. Statements for non-member-directed personal retirement schemes showed shortcomings in disclosures on contributions, retirement benefits and charges. Occupational schemes’ Pension Benefit Statements contained incomplete information on costs and charges, retirement age assumptions and member identification, and omitted material changes during the reporting period. Administrators must ensure statements are issued in accordance with regulatory requirements, include all mandatory disclosures and are supported by robust governance, oversight and quality assurance arrangements. The weaknesses identified may hinder members’ understanding of their retirement savings and their ability to make informed decisions. Material or recurring deficiencies may prompt the MFSA to use its supervisory and regulatory powers where appropriate and proportionate.

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