Should you experience some employee turnover over time, employers can notify Laferla so that the Scheme can be updated accordingly, and no further contributions will be expected after the termination date.
The amounts saved under the Scheme cannot be paid out to the employee before they reach the age of 61 (unless in the case of permanent disability or death).
Employees which continue to reside in Malta will have the option to either transfer the value of their savings to their new employer’s Voluntary Occupational Pension Scheme (if applicable), or to their own recognised personal pension plan if they have one. They can continue saving, or stop contributing, then access their savings when they retire.
Where an employee is leaving the country permanently following the termination date, they will still have the option to leave their accumulated savings in a recognised personal pension plan in Malta, accessing them at retirement. Alternatively, they may wish to discuss other options with the Inland Revenue Department. In either case, we suggest that the options are discussed with the individual’s tax practitioner, since everyone’s circumstances are different and may attract different tax treatments depending on the country.
The team at Laferla will be happy to help Employees with either of these processes.