Sparkasse Bank Malta plc on Tuesday announced that it is now registered by the Malta Financial Services Authority (MFSA) to act as Custodian to Retirement Pension Schemes in terms of the Retirement Pensions Act.
Broadly speaking, Pension Fund Custodians are responsible for keeping safe the custody of pension assets on trust on behalf of contributors.
Sparkasse is a local market leader in custody and depositary services with more than €8 billion worth of assets that it holds in custody for UCIT and AIF structures.
This new service, according to the bank’s Managing Director, Paul Mifsud, will complement the the financial institution’s existing suite of banking and investment services that will now also be available to retirement schemes locally.
Providing for one’s retirement is critical and the Bank anticipates the establishment of Retirement Pension Schemes to be an area of growth in Malta. Sparkasse is proud to be able to provide support and infrastructure in this area.
Sparkasse says that it has continually invested in its systems and custody network and has an established dedicated team of experienced professionals focused on depositary and custody services thus being well positioned to provide safekeeping of assets and oversight services in a personal, supportive, professional and efficient manner.