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The Voice of Issue The Voice of 238 October 13, 2020 FFoorrttnniigghhttllyytt mmhhaaggeeaazz iinnMMee ffoorra a tthhelel tDtDieieaassspspooeerraa FRITZ Two aerial views from opposite sides by FITZ that show parts of Cottonera, in particular the former No. 1 Dock at Malta Drydocks and the new Bormla. Left is the new building housing the AUM, and in the back - ground the bridge between Bormla and Senglea 2 The Voice of the Maltese Tuesday October 13 2020 An aerial family photo of participants and guests at the IVth Convention for Maltese Living Abroad in 2015 at a welcome reception hosted by the then President of the Re - public, Marie Louise Coleiro Preca at St Anton Gardens Convention....what Convention? n assuming her new role as head, Directorate for survey as a good start to express such. An overwhelming re - Consular Services and Maltese Living Abroad sponse was received with 1,025 participating by the end of MF&EA, Dr Antonette Calleja initiated a research the closing date, that is, within a period of eight days. Re - Ostudy (assisted by Bernice Marie Zarb) to obtain a more ro - sponses also included additional comments from 221 of the bust understanding that captures a realistic snapshot of the respondents. present views of Maltese diaspora and gauge their levels of Some were appreciative comments thanking the Unit for interest to better inform its future organization whilst finding the initiative in gathering the views of those living abroad. methods to further connect. Others gave constructive criticism especially pertaining to The Voice of the Maltese is publishing this summary of the sur - the Convention of the Maltese Living Abroad as well as the vey. Anybody requiring a full copy should contact members of general features of the Maltese economy and its governance. The Council of Maltese Living Abroad. We also hope to raise Recommendations from the Maltese diaspora such as allur - awareness of this research and to attract further responses. ing youths through social media, holding virtual meetings The research “an online survey” asked these questions: and organising the Convention in host countries were put i. To what extent are the Maltese diaspora aware of the forth. Other requests, which have also been the subject of Convention for the Maltese Living Abroad? discussion and previous decisions taken by the Council for ii. To what extent are the Maltese diaspora willing to partic - the Maltese Living Abroad, revolved on enabling access to ipate in future Conventions for the Maltese Living Abroad? Maltese bank accounts and for the Maltese diaspora to be iii. Can the Convention for the Maltese Living Abroad able to hold Maltese Identity Cards. All in all, the feedback serve to better its links with the Maltese Diaspora? given has been most insightful and encouraging. A total number of 1,025 respondents dispersed across 31 Malta’s greatest assets have always been its human resources. host countries participated in this study. Indeed, it, therefore, goes without saying that maintaining con - From the total of respondents, 519 were males, and 506 fe - tact with the Maltese global diaspora and hence, the creation of males. Most of the respondents, 458, came from Australia, fol - a ‘Greater Malta’ is indeed possible and imperative. lowed by the United Kingdom, 143, Canada, 125, United List of other surveys already published as supplied to The States of America, 96, Italy, 82 and Germany 51. Voice by Prof Maurice Cauchi of Melbourne: Respondents were asked whether they ever heard of the Convention for the Maltese Living Abroad. Most of the re - o Three generations of Maltese in Australia: A picture through surveys of the population': 2016. See mauricecauchi.wordpress.com and re - spondents, 819 never heard of the Convention. lated articles. Respondents that claimed to have attended the Convention o Second and Third Generation Maltese in Australia': Occasional were also asked how interesting they found the Convention. Paper, Maltese Community Council of Victoria, 1991 In this respect, 30 found the Convention interesting; 15 of o The Second Generation in Australia: A survey of Maltese-back - them described it as highly interesting. On the other hand, ground persons, MCCV, 2014. o The View from the Future: The Second Generation'. In: Maltese three preferred to stay neutral whilst another three described Achievers in Australia, MCCV, 2006, Chap 15, p 371 - and others re - it as somewhat not interesting. lated chapters. The survey concluded that July was the preferred month to o Maltese Background Youth'. Victoria University, 1999 organise the Convention. o Survey: Needs of older Persons': MCCV 2010. See also: 'The Age - ing Maltese: A minefield of need & neglect’, Lawrence Dimech, La Conclusions Valette Social Centre, 1992 o Under One Umbrella: A History of the Maltese Community Council In general, it was highly evident that the Maltese Living of Victoria, 1958-2008, MCCV 2009 Abroad wanted to express their views and found the online o Maltese Migrants in Australia', MCCV, 1990 Tuesday October 13, 2020 The Voice of the Maltese 3 Q. I am 60 years of age, single and have just lost my job. I his is a monthly service offered by The Voice of the Maltese have some money in the bank but this will not last long as in which Marie Louise Muscat from the Fiducian Finan - I have an outstanding mortgage of $180,000. I have around cTial Services helps our readers understand the complexities $442,000 in superannuation. Am I able to take some money associated with financial planning. If you need more advice out of super to pay off or reduce my mortgage? send an email to Marie Louise via: [email protected]. A. Since you are 60 years old and not from the reverse mortgage working, you are able to withdraw as to cover a few months of much out of superannuation as you wish. payments so that the interest This will be a tax-free withdrawal because on the funds withdrawn you are over 60. You can decide to pay off would not build up exces - the mortgage in full and commence an ac - sively. count-based pension with the remaining funds to provide you with some income Q. I am in my 70s and while you are unemployed. You can then have no family of my own. continue to build up your superannuation I have a disabled brother once you are back in the work force. who still lives on his own, but I have always pro - Q. My father is in a nursing home. He vided for him as his only has been there around 22 months. We income is from a disability still have not sold his house, as he does pension that only covers not want us to. In a couple of months his daily needs. Am I able QQ&&AA Centrelink will treat this house as an to leave my brother as my beneficiary on her own. I am quite comfortable fi - asset and my father will lose the age in my account based pension? nancially and I would like to pay for the pension. Is there anything we can do to children’s schooling myself, which will provide dad with an income to pay his A. Siblings are normally not able to be be around $10,000 per annum. Am I al - ongoing daily fees without the need to beneficiaries of one’s superannuation. lowed to do this or will this impact on sell his house? However, in your case your brother is dis - my age pension in the future? abled and he is also a dependent on you. A. If the house is worth more than You should however mention this in your A. If you have the spare income there is $797,500, he will lose his pension as he Will and in this way the Trustees of your no reason why you could not help your will be treated as a non-homeowner but Superannuation fund will take this in con - daughter. You are not tied up to Centre - the house will become an asset like an in - sideration. link at present and therefore what you do vestment property. You could decide to with your money is your own affair. If you rent out the house and use the income to Q. I am a 60-year-old widow. I have gave her a lump sum just prior to turning help with his daily expenses or if he does been retired for about four years and do age pension age, then for five years this not want to rent it out, you could use a re - not plan to go back into the work force. lump sum will be treated as your asset by verse mortgage. I have an only daughter and she has two Centrelink when they come to calculate Just withdraw small lump sums at a time young children that she is bringing up your age pension entitlement, but paying of school fees prior to that should not af - fect your age pension entitlement at all. Q. We are in our 80s and we have an annuity of $500,000 maturing in two months’ time. This was invested for five years at 4.5% interest per annum with the interest paid monthly to us. We were told the new interest rates will be around 1.2% which for us is not suf - ficient income. What other options do we have apart from term deposits that are paying also very low interest? A. I do not know your full situation so I believe you need to see a financial plan - ner. However, at your age you would probably not want to invest very aggres - sively.