Connecting Over Tradition
Craig Welsh and Jozef Spiteri from The Spectrum IFA Group Malta joined members of the Royal Malta Golf Club at the recent Creasy Cup Dinner, held this year at the iconic Farsons Beer Factory.
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The Spectrum IFA Group at the Creasy Cup Dinner, Malta
By Craig Welsh
This article is published on: 20th November 2025
20.11.25
The event, which traditionally precedes the annual Creasy Cup tournament, brought together club members, sponsors, and friends of the game for an evening of fine dining, conversation, and shared enthusiasm for one of Malta’s most anticipated sporting weekends.
Celebrating Local Traditions
The Creasy Cup holds a special place in the Royal Malta Golf Club’s history — a tournament first introduced in the 1950s and named after Sir Gerald Creasy, who presented the original trophy to the club. The pre-tournament dinner marks the beginning of the competition, offering guests the opportunity to reconnect, celebrate sporting spirit, and enjoy the camaraderie that golf so naturally inspires.
This year’s choice of venue, the Farsons Beer Factory, added a touch of Maltese heritage to the occasion. With its beautiful restoration and unique industrial character, it proved to be a fitting backdrop for an event steeped in both tradition and community.
Spectrum’s Involvement
Representing Spectrum’s Malta team, Craig and Jozef enjoyed the chance to engage with attendees from across the golfing and business communities. Their participation reflects Spectrum’s ongoing commitment to being actively involved in local life — not only through professional advice and client relationships but also by supporting events that strengthen community ties.
“It’s always a pleasure to take part in local traditions that bring people together,” said Craig Welsh. “The Creasy Cup dinner is a wonderful example of the sense of connection and friendship that the Royal Malta Golf Club is known for.”
Jozef Spiteri added, “Golf is as much about camaraderie as it is about competition — and evenings like this remind us of the shared values that connect professionals, clients, and friends alike.”
Looking Ahead
As play continues this week, all eyes turn to the greens to see who will lift the Creasy Cup trophy. For Spectrum, participation in such events highlights the firm’s belief that meaningful relationships — whether in sport, business, or everyday life — are built through shared experiences and genuine engagement.
Spectrum’s sponsorship of the popular Nations Cup event begins again on 7th December.
Nations Cup Golf – Malta
By Craig Welsh
This article is published on: 18th February 2025
18.02.25
Presented by The Spectrum IFA Group (“Spectrum”)
Taking place at the lovely Royal Malta Golf Club – the 3 matchday competition launching in December 2024 between teams representing Malta, GB & I, Scandinavia and Nordics and The Rest. The teams of 12, across the various club divisions, will be Captained by Nicky Urpani, Patrick Carey, Alex Hillblom and Gernot MacSchmid respectively.
Another blustery, damp and demanding day greeted Round 2.
Malta taking on the Rest and a tie. 3/3. Highlights included young pair Sam Azzorpardi and Mark Ganado decimating OOM leader Danjiel Bogdanovic and Creasy Cup holder Pavel Lunev and an equally big win for Messrs Scudamore and Crittien against the VC and Moses Kiberu. The other matches were closer and the Rest prevailed in 3 to take a tie including the Sanders/ Baltzis axis, the former playing on 2 hours sleep after watching his beloved Eagles lift the Super Bowl.
In the other Match, Scan/Nordics took 3 1/2 points from GBI who lost the overall again. Currently, Patrick Carey the team captain is under more pressure than Ange Postecoglou, the Spurs Manager, after two defeats. Will he face the axe was the question circling the clubhouse…….
Highlights in this match included another birdie barrage from Tore Lindtveit (5).
Standings:
Scandinavia/ Nordics 7
The Rest 6.5
Malta 5.5
GBI 5
SN play The Rest in the final Matchday on another Public Holiday. 31st March. So, it’s set up for a grandstand finish with the two leading teams against each other.
Of more importance, was a thronging clubhouse and matches played with the highest levels of sportsmanship, and the presence of our valued sponsor, Spectrum, represented by Craig and Jozef.
They were there to present the trophy, which will be handed over to the winning team, next month.
Despite trailing, Malta/GBI still have it all to play for with a big win for either side potentially upsetting the Apple Cart.
Watch out for the next match on 31st March
The Spectrum IFA Group Title Sponsor of The Nations Cup at Royal Malta Golf Club
By Craig Welsh
This article is published on: 12th November 2024
12.11.24
Some big news coming from our Malta office.
The Spectrum IFA Group, thanks to the efforts of our branch manager, Craig Welsh, will be the main sponsor of the Nations Cup.
The Nations Cup will be organised by the Royal Malta Golf Club, teeing off in December 2024. This will be a 3 matchday competition between teams representing Malta, GB & Ireland, Scandinavia and Nordics, and The Rest of the World.
This year’s innagural event will feature Spectrum IFA Group as the title sponsor, bringing a new level of excitement and international flair to the club. Known for delivering tailored financial planning services to expatriates across Europe, The Spectrum IFA Group is a fitting partner for an event that celebrates global connections and international sportsmanship.
The Nations Cup is set to become a highlight in the RMGC golf calendar, featuring teams from Malta, Great Britain and Ireland, Scandinavia and the Nordics, and a collective team from “The Rest” regions. This competition will foster camaraderie and regional pride as these diverse teams vie for victory.
We feel that Spectrum IFA Group is a fitting partner for an event that celebrates global connections and international sportsmanship. We look forward to the camaraderie and regional pride, as these diverse teams vie for victory on Malta’s greens!
We are looking forward to a successful event.
Tax Efficient Investing for Expats in Malta
By Craig Welsh
This article is published on: 30th January 2024
30.01.24
Many expats living in Malta will be deemed ‘non-domicile’, which means that while you are indeed ‘tax resident’ in Malta, you are also ‘non-domiciled’. This can be great news for your investment portfolio.
And as interest rates on cash deposits may well have peaked, Craig Welsh, who manages our Malta office, explains how expats can take advantage.
KEY TAKEAWAYS
- If you are living in Malta but are classed as ‘non-domicile’, then you can benefit from tax-free growth on your investment portfolio
- We help clients build tax-efficient investment portfolios according to their circumstances and risk profile
- Set aside an emergency fund of around 6-12 months expenses plus money for any upcoming purchases, then consider investing the remainder for longer-term growth
- Equities (shares) have comfortably beaten cash returns over the long-term, and interest rates look to have peaked
Investing should be with a view to the long-term and we do not recommend investing unless you have a ‘time horizon’ of at least 5 years. That simply means you don’t plan to access the money within that period. Markets go up and down, and you don’t want to be accessing your capital at the wrong time.
So – build up cash reserves which would cover your living expenses for 6-12 months. You can earn some interest on that these days, but leave it accessible. Also – if you are planning a major purchase (for e.g. wedding, car, or a property deposit) then that should also be left in cash.
Invest for Long-Term Growth
Once the emergency fund is taken care of, additional money can be invested. At Spectrum, we take you through a careful risk profiling exercise as well as discussing any sustainability preferences you may have.
We then help our clients find the most suitable, tax-efficient ‘wrapper’ and build a diversified portfolio of investments with the aim of long-term capital growth.
Inflation has dipped, and it looks like cash interest rates have peaked. No one has a crystal ball of course, but that could be good news for global markets in general. What we do know is that equities/shares have comfortably beaten cash returns over the long-term.
Our clients have access to mutual funds which have a track record of steady and consistent long-term returns. For the more adventurous investor looking for higher long-term returns, other funds / tracker-type solutions are also available.
If you would like to discuss your investment requirements, then don’t hesitate to contact Craig at craig.welsh@spectrum-ifa.com or on +356 9933 8271.
Transferring Irish Pensions Abroad
By Craig Welsh
This article is published on: 7th December 2021
07.12.21
Irish expatriates, or indeed anyone who has previously worked in Ireland, may have accumulated Irish pensions along the way. If it’s unlikely that you will return to the Emerald Isle, it may be worthwhile looking into moving these pension pots.
At Spectrum, we can help you with that.
First, there must be a bona fide reason for wishing to transfer those pensions away from Ireland. It cannot be done just to circumvent Irish taxation. Professional advice from a regulated adviser should be sought.
You may be able to transfer your Irish pension to either a Malta QROPS (Qualifying Recognised Overseas Pension) or a UK SIPP (Self Invested Personal Pension). And no, you don’t have to be living in either Malta or the UK to do so. Moving them can give you far more flexibility by allowing ‘income drawdown’ and avoiding the need to buy an annuity.
Maybe you have more than one pension scheme in Ireland? In that case, you might benefit from consolidating them into one pot. Again, that makes things a bit easier to manage; we can then help you manage the investment side too.
So, a bit more detail;
- Drawdown option; no need to buy an annuity. Withdrawing money from an Irish pension can be complex and inflexible, with some pretty complicated rules. For instance, you will find it difficult to access an Approved Retirement Fund (ARF) or an Approved Minimum Retirement Fund (AMRF) if you are non-resident in Ireland. And without an ARF / AMRF you will most likely have to buy an annuity, with no ‘drawdown’ option. Transferring out means you can access lump sum and drawdown options with no requirement to buy an annuity
- Pension benefits can be accessible from age 50 upon a transfer, and a lump sum of 30% could be taken. How the lump is assessed for taxation depends on where you are resident, so again, advice is essential
- Easier to manage when you live abroad. UK SIPPs and Maltese pensions are a bit easier for ‘expats’ to manage. In Ireland you must firstly transfer €63,500 to an AMRF/Annuity, unless you are receiving €12,700 p.a. in lifetime guaranteed pension annuity. On the other hand, UK and Maltese products have no annuity requirements
- No Irish taxation. Even if you live abroad, income from your Irish pensions will be taxed at source, as income in Ireland. Withdrawing from a UK SIPP or a Malta QROPS instead means that this income can be paid gross, with no tax at source. This depends on where you are resident however and if a double taxation agreement (DTA) is in place. Again, professional advice should be sought
- Death benefits. Irish pensions, once in payment, are liable to Irish inheritance taxes (CAT) on death, even if you are no longer resident there. With a Malta QROPS there is no Maltese inheritance tax on the remaining pension pot, although tax may be payable in the country of residence of the deceased or beneficiaries
Basically, transferring out could make your life easier. Each situation is different however, and a full review of your circumstances should be carried out.
If you do have an Irish pension and do not intend to return, please feel free to contact us at Spectrum for a no-obligation, initial discussion where we can explore your options.
Tax Efficient Investments Malta
By Craig Welsh
This article is published on: 20th October 2021
20.10.21
This week, Craig Welsh celebrates 15 years as a Spectrum adviser.
Craig started out in the Netherlands, still looks after his clients there, and has now opened a Spectrum branch in Malta.
This short clip tells you a bit more about what you can expect from your Spectrum adviser.
Whether it is Brexit concerns, how to get a better return on your savings, QROPS / SIPP pension advice, or general retirement planning, The Spectrum IFA Group is there to assist expats in Europe.
Moving on from Brexit
Brexit created a number of well-documented issues for expatriates living in the EU.
Financial planning and wealth management were impacted heavily as the Withdrawal Agreement excluded financial services and specifically the passporting of advisory licences between the UK and EU. This means that many UK based advisers and institutions are no longer able to engage with clients living in the EU.
The Spectrum IFA Group is licensed across the entire EEA and can ensure that your finances are ‘Brexit-proof’, through access to secure, locally authorised, tax-efficient investment solutions.
In countries such as Malta, you have access to many flexible investment options backed by some of the UK’s largest and most well known financial institutions.
These products, issued from Dublin or Luxembourg, are both EU regulated and highly tax efficient. Tax efficient products, designed for expatriates, are available to Maltese residents.
As a result, you can still invest with companies whose names you know and trust, whilst ensuring compliance and tax-efficiency in the country you now call home.
The Spectrum IFA opens it’s Malta office
By Craig Welsh
This article is published on: 28th September 2021
28.09.21
The Spectrum IFA Group recently announced its arrival in Malta, opening a branch in the St. Julian’s business district. It will be managed by Craig Welsh, who is a partner, and who has been with the group since 2006.
Craig will be assisting expats in Malta with their financial planning, particularly around lump sum investment opportunities, UK pension consolidation (where appropriate), Brexit issues, and general retirement planning.
Have a look at this short clip explaining a bit more about Spectrum and how they help their clients.
How Expats Can Consolidate Their UK Pensions
By Craig Welsh
This article is published on: 8th February 2019
08.02.19
Very often we are contacted by expats who have several different pension schemes, and usually they are scattered around different countries. Of course, in an ideal world pensions would be MUCH easier to keep track of, but unfortunately efforts to ‘harmonise’ pensions across the EU haven’t made much headway. Pensions are inherently linked to the taxation system of that particular country (because you usually get tax relief on the contributions you make) and so it can be very difficult to consolidate them or even move your ex-employer’s scheme to your new company scheme.
The good news is that this CAN be done with UK pensions. So, if you are an expat who has previously worked in the UK, you can consolidate them all into one pot. That ‘pot’ can be either be left in the UK, using what is known as an ‘International SIPP’, or taken out of the UK using a QROPS (Qualifying Recognised Overseas Pension Scheme).
Both the SIPP and the QROPS route can offer excellent flexibility when it comes to taking benefits, as well as very favourable estate planning opportunities (being able to pass on the full value of the ‘pot’ upon death, for example). More on that later.
BUT!
There’s a but, of course. It’s not suitable for everyone and it depends on a host of different factors. Moving any pension requires regulated advice from suitably qualified and licensed advisers. There is a proper process to go through, a process which is designed to ensure that you only transfer if it is clearly in your best interests to do so. Indeed, if you are considering moving a defined benefit (final salary) pension scheme then extra care should be taken as you will be giving up a guaranteed income, and you may find that you will need advice from two advisory firms. The regulated process is there for your protection!
Everyone’s situation is different of course, and a licensed advisory firm will look at your financial situation as a whole. But here are some general rules of thumb;
A QROPS may be suitable for you if all of the following applies to you;
- You have UK pension schemes with a total transfer value of over £100,000
- You have left the UK and do not intend to return
- You live in the EEA (European Economic Area) and you don’t intend to leave in the next 5 years*
*An OTC (Overseas Tax Charge) was introduced in 2017 which means a 25% tax charge would be applied to a transfer unless both the new pension scheme AND the pension scheme member are based in the EEA (or both are in the same country).
An International SIPP may be suitable for you if all of the following applies to you;
- You have UK pension schemes with a total transfer value of over £100,000
- You have left the UK but there is a chance you will return
- You are unlikely to be affected by the LifeTime Allowance (LTA)** of £1,030,000. If this is likely to be an issue for you, QROPS should be considered
**the LTA is the overall limit of tax-privileged pension funds you can accrue in the UK, before a Lifetime Allowance tax charge applies.
What are the benefits of consolidating?
What next? As I said before, transferring a pension requires regulated advice from suitably qualified and licensed advisers, and a full assessment needs to be carried out. If it is established that a transfer is indeed in your best interests, what can a QROPS or International SIPP offer you?
Well, both can provide you with;
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- Flexi-Access. From the age of 55, a 25% lump sum (in some cases 30%) is available (tax-free in the UK but take care as it may be taxable in your country of residence). Thereafter you have the option of flexible drawdown (taxable income). This means you choose when you start taking your income, and you can vary how much you want to take
For those with defined benefit / final salary pensions, this can mean turning the promise of a fixed income for life into a large pot of capital you can access flexibly.
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- Control of the Investment Pot. You are not giving up your savings for an annuity; the ‘pot’ is invested, and you can control how it is managed, according to your risk profile
- Currency Choice. Even with the International SIPP option, you can change the currency of your assets from Sterling to Euro. We had clients who took advantage of this a few years ago when the rate was €1.39 to £1, and now they’re pretty glad they did!
- Estate Planning. The pot can be passed on to your beneficiaries on death. With a QROPS the whole pot can be passed on free of tax, while the SIPP (as it is still a UK product) will be taxed at the recipient’s marginal rate only IF the deceased was aged over 75
This can be a real game-changer if you have a large defined benefit / final salary scheme, which typically offers a spouse’s pension of 50% on the death of the member. For example, I have seen many cases where it meant turning a guaranteed income for the surviving spouse of £10,000 per annum into a potential lump sum of over £500,000. Tough choice!
- Lifetime Allowance. In the UK, pension savings of over GBP 1,030,000 are taxed at either 25% or 55%. Once a QROPS has been used however, the LTA no longer applies. So, if you are anywhere close to the LTA, a QROPS should be considered
Elephant in the Room
I have deliberately not mentioned the B-word; Brexit! That’s because at the time of writing, with only 50 days until the UK is due to leave the EU, we are still no clearer as to whether the UK will leave with a deal, without a deal, or will leave at all.
The current opportunities for expats to consolidate their UK pensions may well be at risk depending on the outcome of Brexit. The rules could be changed; we just don’t know. So, it’s advisable to act now before any doors are closed.
At Spectrum we offer a free initial analysis of your UK pensions by our highly qualified advisory team, as well as our ongoing advice on portfolio management and the various retirement options. You can read some feedback from existing clients here
Time to Review Your Final Salary Pension
By Craig Welsh
This article is published on: 27th October 2016
27.10.16
Final Salary pension schemes, also known as Defined Benefit schemes, have long been viewed as a gold-plated route to a comfortable retirement. In the past, many advisers, including ourselves, would have been sceptical about people transferring out of such a scheme. However, there have been huge changes in UK pensions legislation and there are likely to be further changes ahead. The key question here is; will these schemes be able to provide the benefits they have promised over the next 20+ years?
Why Review Now?
In many cases, it may still be best advice to leave the pension where it is. And a transfer out requires highly specialised and regulated advice. However, there are many compelling reasons why a review makes sense.
Record high transfer values
UK gilt yields are at an all-time low and this has pushed up transfer values to be an all-time high; some transfer values have increased by over 30% in the last 12 months. Many clients are quite surprised to learn their scheme which projects an income of GBP 10,000 per annum in retirement offers a transfer value of over GBP 330,000!
Scheme Deficits
Actuaries Hyman Robertson now calculate the total deficits on remaining final salary pension schemes as £1 trillion.
TATA Steel/BHS
Recent examples show that very large deficits cause several problems. No one wants to purchase these struggling companies as the pension deficits are too big a burden to take on. Could the Government be forced to change the laws to allow schemes to reduce benefits? A reduction in the benefits will reduce the deficits and make the companies more attractive to purchasers. There is a strong argument that saving thousands of jobs is in the national interest, if that just means trimming down some of these “gold plated benefits”.
Pension Protection Fund (PPF)
This fund has been set up to help pension schemes that do get into financial trouble. Two points are key. Firstly, it is not guaranteed by the Government and secondly, the remaining final salary schemes must pay large premiums (a levy) to the PPF to fund the liabilities of insolvent schemes. As more schemes fall into the PPF there would be fewer remaining schemes that must share the burden of this cost. Their premium costs will increase as there will be fewer remaining schemes to fund the PPF levy.
It is possible that the PPF will end up with the same problems as the final salary schemes; i.e. they won’t have the money to pay the “promises” for pensioners. Additionally, the PPF will most likely have to reduce the benefits they pay out.
Pension Changes Already in Place
Inflationary increases have already been permitted to change from Retail Prices Index (RPI) to Consumer Prices Index (CPI). This change looks reasonably small, but over a lifetime this could
reduce the benefits by between 25% and 30%.
In April 2015, unfunded Public Sector pension schemes have removed the ability to transfer out, so schemes for nurses, firemen, military personnel, civil service workers etc. are no longer transferable. Now these are blocked, it will be easier to make changes to reduce the benefits and no one can respond by transferring out.
When this rule change was being discussed the authorities also wanted to block the transfer of funded non-public sector schemes, i.e. most corporate final salary schemes. There is therefore a risk that transfers from all final salary schemes could be blocked or gated.
Autumn Statement (Budget)
This is expected on 23 November 2016. Could the Government make any further changes to Pension rules? When Public sector pensions were blocked, there was a small time window to transfer. People who review their pensions now may at least have time to consider options.
Could Brexit end the ability to transfer pensions away from the UK? This is still unknown, but pensions are often a soft target of government taxation ‘raids’.
Reasons Why Schemes Are In Difficulty
Ageing population. People now expect to live around 27 years in retirement. When these schemes commenced the average number of years in retirement was 13 years.
Lower Investment Returns. As schemes have become underfunded, they have invested more conservatively. Average exposure to equities (shares) is now around 33%, whereas in 2006 the average equity content was 61%.
Benefits were too generous. In simple terms, many of the final salary schemes were too good. In 2016, if you became a member of a 1/60th scheme then your company would need to add 50% of your salary to make sure the benefits can be paid. Clearly this is unrealistic.
What Could Change?
· An end to the ability to transfer out of such schemes
· An increase to the Pension Age, perhaps in line with the increase of the State Pension
· Reduction of Inflation increases, (already started as many now increase by CPI instead of RPI)
· Reduction of Spouse’s benefit
· Increase of contributions from current members
· Lower starting income
What Are The Alternatives?
QROPS schemes have proven very popular in recent years as they offer expats excellent flexibility. While a QROPS is not the only alternative, and each individual case needs properly reviewed by a suitably qualified adviser, the benefits are clear;
· The ability to pass the pension fund on to heirs
· The option to change currency
· You can access the benefits flexibly via income drawdown (can vary the income you take)
· Wide investment choice to suit your risk profile.
At The Spectrum IFA Group, your locally-based adviser will work together with our internal Pensions Review team and conduct a full analysis of your current arrangements.
Take control of your UK pension: QROPS
By Craig Welsh
This article is published on: 24th May 2013
24.05.13
Many expatriates remain unaware that British pensions can be transferred out of the UK. Should you be looking at QROPS to take control of your UK pension?
Since April 2006, individuals who have left the UK – and left behind private or company pension benefits – are entitled to a QROPS pension transfer. HMRC introduced the ‘Qualifying Recognised Overseas Pension Schemes’ (QROPS) to allow non-UK residents to transfer their frozen pensions outside of the UK.
This has led to many expats contacting their advisers for further information on how to improve their retirement options. And it’s not limited to the British; there are many foreign nationals who have built up a pension pot while working in the UK that can benefit from a QROPS pension transfer.
Pension transfers under QROPS are a tax efficient way for expats to greatly enhance their pension flexibility. Pensions in the UK are subject to very restrictive tax rules when it comes to succession planning and this can be much improved by moving the pension to another jurisdiction.
In some circumstances it may not be appropriate to transfer your pension, therefore, It is essential that a proper analysis is carried by a licensed and fully qualified adviser. This is a highly specialist type of financial planning and should not be entered into lightly. Should I consider using QROPS?
If you fit the profile below, then you should consider contacting us for a free analysis of your situation:
- You are no longer resident in the UK.
- You do not intend to return to the UK.
- You have a UK pension (or a number of pensions) with a total minimum value of GBP 50,000.
So what are the key benefits?
Succession Upon death most people would like to think that as much of their assets as possible would be passed onto their heirs. However, in the UK there can be a tax charge of 55 percent on your remaining pension if it is in drawdown and paid out as a death lump sum.
Furthermore, with many conventional final salary schemes, the widow’s/widower’s pension is only half the main pension, sometimes less if the spouse is quite a bit younger. A QROPS gives you the option to pass on the pension fund to your spouse, children and/or grandchildren as a pension or a lump sum, free of tax.
Investment choice By moving an arrangement out of the UK, there is a much wider choice of international investments available. Some existing pension schemes can be very restrictive in the choice of funds (UK only), or permitted investments. Most QROPS transfers can provide access to a wide range of sophisticated funds to suit your risk profile and lifestyle stage.
Currency Risk The underlying investments and income payments from a QROPS scheme can be denominated in a choice of currencies to reduce the risk of currency fluctuations. Many British retirees have suffered as the British pound depreciated in recent years against the currency zone they are living in. A QROPS can help you manage this risk.
Flexibility in retirement Your circumstances can change during your retirement years, for example, you may still do some work or you may move countries again. You will therefore need a number of options when it comes to taking your pension benefits.
In such situations, pensioners need to consider the PCLS (Pension Commencement Lump Sum – up to 30 percent with a QROPS scheme) and the level of regular income you need. A good solution under QROPS will allow you to vary your income in the future, rather than fixing it at one rate. Professional Advice Above all, getting professional advice is crucial, as well as choosing the right jurisdiction in which to transfer under the QROPS provisions. The pension should still be treated as a pension, i.e. it is not intended to be a way to ‘cash-out’ early. HMRC will come down hard on individuals, schemes and jurisdictions which abuse the rules.
A suitably approved scheme provider is also essential. At Spectrum we offer a free analysis of your pensions by our highly qualified advisory team, as well as our ongoing advice on portfolio management and the various retirement options.