A comparative analysis of pension schemes in Malta and abroad throughout the years

Abstract

Throughout the years, pension's schemes have helped elder people who have stopped working to live a life without major financial problems. From the instatement of pension schemes in Malta, a sum started to be deducted from one's pay in order for him to 'pay' for current pensions. It has always brought opposing sides into conflict as to what should be done in order for pensions to be sustainable. This dissertation will take into consideration the evolution of Maltese pension schemes from the birth of pensions to what we currently have now. It will also take into consideration the 3 pillars of pension schemes and the possible introduction of a 4th pillar. There will also be an objective discussion on what is being proposed with regards to pension schemes by various parties. I will also look into certain funds and proposals which are being offered to young people by which they can invest in when being young and have the money invested in, in order to find the money further on. I will also look into tax incentives given out by the government with regards to those who opt to take up the option of a private investment. The dissertation will then take a close look into various pension schemes adopted in different countries around Europe and the world and also steps taken in order to move away from a state funded pension scheme towards a private pension scheme and also the increase of pension age in certain countries.