STM Malta have announced a product solution targeting Irish expats with an occupational pension scheme and who also have no plans to go back to Ireland once they retire.

Managing Director at STM Malta, Deborah Schembri, spoke with internationalinvestment.net where she expressed her satisfaction with expanding the company’s range of pension offerings.

“We are now offering a pension solution targeted at individuals with an Irish Occupational Pension Scheme but who are not tax resident in the Republic of Ireland, and intent to remain outside the country.”

“We look forward to launching other products,” she said.

Eligible expats could reap benefits by transferring their pension fund to the STM Protected Retirement Plan in Malta, which is an EU Retirement Benefit Scheme (EURBS).

The Protected Retirement Plan is regulated as a personal retirement scheme with the Malta Financial Services Authority.

The criteria for eligibility are as follows:

An individual must -

Be a member of an Irish occupational pension scheme with a transferable preserved benefit where the qualifying service in employment relating to the scheme exceeded two years and terminated (otherwise than on death) before normal pensionable date;

Wish to transfer that pension for bona fide reasons (e.g. retiring overseas and want to consolidate pensions) and not for the purpose of circumventing Irish pension rules and conditions;

Be tax resident outside Ireland and intend to remain outside Ireland;

Have no intention to retire in Ireland.