Malta-based Sovereign Pension Services has acquired Azure Retirement Benefit Scheme for an undisclosed sum.
The defined contribution personal retirement scheme is licensed and registered with the Malta Financial Services Authority (MFSA).
The Azure Retirement Benefit Scheme, which remains open to new members, will complement Sovereign’s existing range of Malta-based pension schemes, the firm said.
Sovereign said it will review the scheme to ensure that members are being advised on their investment by appropriately licensed investment advisers and that all due diligence documents are up to date.
The scheme’s constitutional document, particulars and investment restrictions have been changed in line with Sovereign standards. There will be no change to the pension administration fees.
‘Suitably licensed investment adviser or investment manager’
Azure was established by Integrated-Capabilities (Malta) Ltd (ICML) in June 2018 as a trust in Malta to provide a tax-efficient, low-cost pension solution to members. It can accept monetary contributions and transfers from any eligible pension arrangement, even those that are already in drawdown.
It is recognised exclusively as a member-directed scheme, which means they are required to direct any investments within their pension fund, either by applying for ‘professional member’ status or by appointing a suitably licensed investment adviser or investment manager.
Sovereign Pension Services is licensed by the MFSA as a Retirement Scheme Administrator and is a member of the Malta Association of Retirement Scheme Practitioners (MARSP), which is primarily concerned with regulation, taxation and industry best practice.
Sovereign Trust (Malta) Limited is further authorised to act as a trustee or co-trustee to provide fiduciary services.
