HM Revenue & Customs recognised Malta as a jurisdiction to which UK pensions could be transferred at the end of November, following months of negotiations. As reported by International Adviser, that development meant that Malta-domiciled pension schemes approved by the Malta Financial Services Authority (MFSA) are eligible for QROPS status.

However, no Malta companies as yet feature on HMRC's list of Qualifying Recognised Overseas Pension Schemes (QROPS), which was last updated on 22 February.

According to the MFSA, the two schemes it has approved are MCT Malta Private Retirement Scheme in St Julians, and Melita International Retirement Scheme Trust of Sliema, an arm of Custom House Group which in turn is part of Malta-based Custom House Global Fund Services Ltd.  Custom House is understood to have MFSA-approved pension administration operations in Malta.

In 2008, the fund services business of Equity Trust, one of the world's largest independent trust companies, was merged into Custom House, effectively creating a joint venture between Equity Trust and Custom House's management. Equity Trust has been in the news recently because it is the trustee of the Panthera ROSIIP pension fund, and is taking HMRC to court to challenge the removal of Singapore's QROPS status in May 2008, as reported here last month.

Sandro Bartoli, managing director of Sliema-based Quest Investment Services, a Maltese advisory firm affiliated with Sparkasse Bank, said the announcement of the two schemes’ approval is being welcomed by IFAs and others on the island. He believes Malta’s membership in the EU will be an important selling point.