On Monday 4th November the Minister for Finance presented the 2014 budget to Parliament. Hon. Scicluna reiterated the Government’s pledge to introduce third pillar pensions based on the 2010 Pension Working Group Report and Recommendations, including the introduction of effective fiscal incentives.

The Minister for Finance explained that a Task Force has been set up, which has already made its recommendations on the various fiscal incentives enticing people to opt for Third Pillar Pensions. Hon. Scicluna asserted that these incentives will be taken on board following a consultation with stakeholders in the pension industry. The Government of Malta estimated that in the Third Pillar’s first year (which should be 2014), the fiscal incentives will cost around Euro 1.5 million.