Insights

On the 21^st January 2016 the MFSA acceded to a request from a number of market players to extend the deadline for the submission of the Annual Report of a Retirement Pension Scheme to six months from the Accounting Reference Date of the 31^st December 2015. This applies to those Retirement Pension Schemes that have been granted a licence under the Retirement Pensions Act (‘RPA’) with effect from January 2016.

The Retirement Pensions (Transitional Provisions) Regulations 2015 provide that Retirement Pension Schemes will continue to be governed by the provisions of the Special Funds (Regulation) Act (‘SFA’) until such time as the Retirement Pension Scheme is granted a new licence under the RPA by the competent authority. Since the new licences under the RPA are being issued with effect from 1^st January 2016, the Annual Report for the Accounting Reference Date of the 31^st December 2015 would have been required to be submitted within four months of the Accounting Reference Date in accordance with the SFA requirements.  The new RPA has extended this submission deadline to six months.

If you wish to read the MFSA Circular please click here.