The Group for Pensions Strategy has just launched the public consultation process on the next steps required for the continuing reform of pensions.
This follows the Group’s completion of an analytical report about the developments that occurred in the pension system in the last five years, while it projects the state of the pension system up to 2070.
The report was tabled in Parliament by the Minister for Solidarity and Social Justice, Family and Children’s Rights Michael Falzon during the last session before it was adjourned for the Christmas holidays.
The Social Security Act stipulates that the report must now be discussed by the Parliamentary Committee for Social Affairs.
The report features a detailed analysis to provoke discussion and debate on how to continue strengthening the country’s pension system to guarantee the adequacy, sustainability and solidarity of the system.
In its analysis, the Group noted how recent developments in the country’s economic situation and the labour market, as well as in the pension system itself, have resulted in a substantial improvement in projections, as compared to both 2010 and 2015.
In fact, while the adequacy of pensions was calculated in 2010 to reach 46 per cent by 2060, it is now projected to reach 55 per cent by 2070, an improvement of 9 percentage points.
Improvement in its sustainability is also being projected, as although the deficit of the pension system had been calculated in 2010 to reach 5.8 per cent of 2060 GDP, it is now being calculated to reach 30 per cent of 2070 GDP.
The Group for Pensions Strategy is made up of several Government and external experts. The Group acts independently from Government and the report’s contents are wholly of the Group.
Eventually, the Group will be evaluating the opinions and suggestions received from organisations and constituted bodies, from civil society, pensioners’ organisations, and the general public, to draw up final recommendations that it will be presenting to Government later this year.
The final recommendations will not include increases in the retirement age or social security contributions, in line with the present Government’s mandate.
The Group will be meeting stakeholders prior to the closing of the public consultation at 4:00pm on 30th March 2021.
The report can be accessed here.
Those wishing to submit their opinions or suggestions may do so via email or by sending a letter to the address below.
Pensions Strategy Group
C/O Office of the Permanent Secretary
Ministry for Solidarity and social Justice, Family and Children’s Rights
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