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4 MARKET NEWS 10.2.2022 SOVEREIGN Pension Services Limited has acquired 'Azure Re- tirement Benefit Scheme', which is licensed and registered with the Malta Financial Services Authority (MFSA) as a defined contribution personal retirement scheme. It remains open to new members. The Azure Retirement Benefit Scheme was established by Inte- grated-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 arrange- ment, even those that are already in drawdown. Sovereign Pension Services Limited is licensed by the MFSA as a Retirement Scheme Admin- istrator and is a member of the Malta Association of Retirement Scheme Practitioners (MARSP), which is primarily concerned with regulation, taxation and in- dustry best practice. Sovereign Trust (Malta) Limited is further authorised to act as a trustee or co-trustee to provide fiduciary services. The Azure Retirement Benefit Scheme, which remains open to new members, will complement Sovereign's existing range of Mal- ta-based pension schemes, which offer a variety of pricing models and diverse structures: • The Centaurus Retirement Benefit Scheme, a trust-based scheme that qualifies as a QROPS • The Centaurus Lite Retire- ment Benefit Scheme, a trust- based scheme that qualifies as a QROPS • The Kemmuna Retirement Benefit Scheme, a contract-based defined contribution personal pension scheme that qualifies as a QROPS • The Rinella Retirement Benefit Scheme, a trust-based scheme that qualifies as a Qual- ifying Non-UK Pension Scheme (QNUPS) Sovereign is an award-winning international pensions provider that offers retirement solutions from a number of different lo- cations, including Gibraltar, Guernsey, the Isle of Man, Malta and the UK ww3/. It is a market lead- ing in the provision of QROPS schemes, offering a variety of pricing models and diverse struc- tures (including both trust and contract-based schemes), as well as both international and UK do- mestic products. Sovereign acquires Azure Retirement Benefit Scheme MALTA'S leading commercial under- takings and economists are forecast- ing an increase in the price of most commodities, food and daily needs included, largely due to the worldwide increase in freight charges and other factors, including COVID. Food has been particularly affected, raising at the highest rate in the last four years and not likely to start falling before October 2022, with supermar- kets estimating a 15% increase across the board. In one case it was reported that the freight costs of a container, previously at between €2,000 to €3,000, has now shot up to €17,000 resulting in a 500% increase in the price of certain com- modities. Virtu Ferries, firmly against the world trend, has maintained freight costs at pre-COVID levels. Furthermore, in order to assist SME, Virtu has actually lowered freight cost for small and me- dium sized commercial vehicles by in- troduced favourable schemes to assist emerging enterprises. Importers sourcing products from Italy, and in particular Sicily, have not seen an increase in freight charges. Retailers are taking full advantage of the Virtu offers switching to stocking up from Sicily to reduce their cost of carriage. Hotels and restaurants are resorting to importation from Sicily to counter the local increase in prices of food products. Virtu Ferries are now operating two vessels with daily voyages at conven- ient timing, multiple times in the week. Voyage frequency is of particular im- portance to importers as it allows for warehousing, at no cost in Sicily, and importation of frequent minimum or- ders reducing financial costs. Cutting costs in the current situa- tion is essential for repositioning post COVID. Virtu drops freight costs for SMEs MALTESE entities interested in imple- menting their innovative ideas to contribute to the five EU missions, may participate in the current and forthcoming open calls to receive funding of up to 100%. e five missions are Cancer, Adaptation to Climate Change, Restore our Ocean and Waters, Climate-Neutral and Smart Cit- ies and Soil Deal for Europe. e Missions concept is a new way of finding solutions to some of the greatest challenges we are facing today, within the EU and beyond. e Eu- ropean Commission officially launched the five EU missions, last September 2021, with an initial funding of €1.9 billion until 2023. e Malta Council for Science and Technol- ogy (MCST) as the National Contact Point (NCP) for Horizon Europe and the five Mis- sions, is actively promoting these initiatives. e Executive Chairman of the Mal- ta Council for Science and Technology (MCST), Jeffrey Pullicino Orlando, said: "Missions are a new way of finding tangible solutions to some of the greatest challeng- es we face today. e objectives are clear and we hope that Malta, together with oth- er Member States, will contribute to these goals so that significant progress can be made and appreciated by all." e Missions cover important aspects within Health, Climate Change, Smart Cit- ies, Oceans and Soil and are there to deliver impact for a societal benefit and support the EU priorities under the Green Deal, Cli- mate Adaptation Strategy, European Bau- haus, Europe fit for the Digital Age, Europe's Beating Cancer Plan and EU's Long-term Visions for Rural Areas. e Missions are a unique set of actions that entail Research and Innovation pro- jects, policy measures and legislative in- itiatives, all working together to provide solutions with an impactful societal under- standing. Furthermore, each Mission has very bold objectives and targets: 1. Adaptation to Climate Change: to sup- port at least 150 European regions and communities to become climate resilient by 2030, 2. Cancer: working with Europe's Beating Cancer Plan to improve the lives of more than 3M people by 2030 through preven- tion, cure and solutions to live longer and better, 3. Restore our Ocean and Waters by 2030 by creating a network of lighthouses at sea and river basins, 4. To achieve 100 Climate-Neutral and Smart Cities by 2030 through the Climate City Contracts, 5. A Soil Deal for Europe: to create 100 liv- ing labs and lighthouses to lead the transi- tion towards healthy soils by 2030 through citizen science. e Framework Programme Unit within the Malta Council for Science and Tech- nology (MCST) can provide the necessary guidance to navigate within the Horizon Eu- rope actions and more specifically the five Missions. For more information, contact horizon.malta@gov.mt or visit https://mcst. gov.mt/horizon-europe/ Horizon Europe Missions - a chance for Maltese companies to tackle major challenges

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