How do I get money out?
Benefits and Withdrawals
Benefits may be taken at any age between 50 and 75, and must be taken by age 75. If you are subject to UK tax or in a QROPS the minimum pension age is 55, to take a pension without penaties.
The maximum initial lump sum in Malta is 30%, but 25% without penalties if you are subject to UK rules. The maximum income depends upon your age and size of fund.
Benefits are payable under the terms of the Malta Regulations and HMRC rules. When you want to take benefits we can provide you with a calculation of the permitted levels of lump sum and income. You may also take as much income as you need, whenever you like, using flexible benefits.
Be aware that the value of your retirement scheme is linked in part to the financial markets. If, in times of a falling market, the scheme continues to pay to you an income calculated using a higher value your fund could be significantly reduced. You should, threrefore, consider reducing your income in line with the value of your fund. Regulations require that the income is re-assessed every three years although annual rebasing of income can be requested. We suggest that you review your portfolio each year to ensure the levels of income taken are realistic. Flexible benefit payments could exhaust your fund more quickly.
There is normally no tax in Malta on benefits taken from the scheme if your country of residence has a Double Taxation Treaty with Malta and the provisions of the treaty allow.
You will be responsible for any tax payable in the country in which you are tax resident.
There is more information about Malta Taxation and tax for US residents on this page - click here.
If you want to take benefits, you must complete a Benefit Payment form which is available on request.
More details are on the relevant Key Features Document in the downloads section click here.
If you want to transfer your Retirement Scheme to another provider, we would have to check that they can operate the same type of scheme and that a transfer is possible. There are charges for transfers other than to an MC Trustees Self Invested Personal Pension in the UK.