Get in touch - Bank of Valletta - BOV Group
Customer Service Centre - Bank of Valletta - BOV Group
  • ... >
  • ... >
  • ... >
  • ... >
  • ... >
  • ... >
  • ... >
Maximise Banner
Minimise Banner
next Previous
next Previous
Unit Linked Pension Plan

After a lifelong career, you have every right to look upon your retirement as a time to enjoy and fulfil your dreams. Planning for retirement is much easier when you plan your finances, our retirement and pension plans make retirement planning a breeze.

Our retirement and pension plans are flexible medium to long term savings plans that have been specifically designed with retirement in mind.

Our plans give you several benefits:

  • the possibility of choosing how much you would like to save;
  • the choice where you want your money to be invested;
  • the option to set the age you want to take the benefits;
  • the freedom and flexibility to increase or decrease your savings at any time or even to stop and restart your savings in the future should your circumstances change;
  • the opportunity to invest in a wide range of funds managed by professionals.
  • Our pension are considered to be Qualifying Personal Retirement Schemes, so you may qualify to receive a tax rebate based on the amounts you save. 

Terms, conditions and exclusions may apply. Investment should be based on the full details contained in the relative policy documents. Please ensure that you read the Key Features Document which may be downloaded from our website or obtained from any BOV Branch. We strongly recommend that you also read the relative policy document which may be obtained from any BOV Branch before making any decision about whether to acquire a policy. 

Important notes: 

  • If you stop paying your plan before the chosen retirement date, you may not get back as much as you invested.
  • If you invest in this product, you will not have access to your money before retirement.
  • The value of your investment may go down as well as up.
  • Tax treatment depends on the individual circumstances. Tax legislation and the amount of rebate may change in the future.

Bank of Valletta p.l.c. is an enrolled Tied Insurance Intermediary for MAPFRE MSV Life p.l.c (MMSV) under the Insurance Distribution Act, Cap. 487 of the Laws of Malta. Both entities are regulated by the Malta Financial Services Authority. 
The Product is manufactured by MAPFRE MSV Life p.l.c. and distributed by Bank of Valletta p.l.c. 

Terms & Conditions
Apply Now

Why should I opt for a Unit Linked Pension Plan?

  • To build up a sum of money which will be used to help your retirement planning cope with changes in your personal and financial circumstances.
  • To offer you a wide and flexible choice of where to invest your savings.
  • To provide a cash sum to your wife, husband or dependant(s) should you die before you retire.  

What is the Unit Linked Pension Plan?

  • The Personal Pension Plan (Unit Linked) is a long term regular savings plan investing in a choice of funds managed by external professionals.
  • It allows you to save on a regular basis and to invest additional lump sums at any time in the future.
  • Contributions to the Plan qualify for a tax credit for those meeting the eligibility criteria below. 

How much tax credit am I entitled to? 

The Plan is registered as a ‘Qualifying Scheme’ and so your contributions may be eligible for a tax credit of 25%, up to a maximum set by the Government.
Under current legislation, the tax credit for 2022 can apply to a maximum contribution of €3,000 (resulting in a maximum tax credit of €750 per eligible person).

The tax credit is only available in respect of the income tax chargeable for the year during which the contribution was made. Unused credits cannot be carried forward to subsequent years. 
The following are the main features of plan:
Type of Plan Unit Linked
Minimum Contributions €40 Monthly
  €120 Quarterly
  €240 Half-yearly
  €480 Yearly
Age at Entry Anyone aged between 18 and 59
Additional Top-Ups Minimum €150. Number of Top-Ups unlimited and subject to allocation charge.
Applicant Single life basis
Term Minimum 10 years
Death Benefit Payment of the higher of the Policy Account plus €2,000 or 101% of the Policy Account will become payable in the event of your death during the accumulation phase.
Funeral Benefit A partial pre-payment of the Death Benefit subject to a maximum of €2,500
Pension Income Options  
(Depending on rules at the time of your  You will have the following options:
retirement and will be subject to the rates  Purchase an annuity – guaranteeing you an income for life;
available at that time) Withdraw an income directly from the fund through ‘Programmed Withdrawals’.
Investment Type To choose from a range of investment funds available with different investment 
  objective and risk profile.
  Full information is provided in the MSV ‘Abridged Chartbook’ **
Contribution Options You may increase your regular contributions whenever you like or choose 
  to have them automatically increased each year in line with inflation (minimum 3.5%)
Stopping contributions:
You can stop making contributions, in which case your Plan will continue to be invested. We will continue to deduct our charges, which may reduce the value of your Plan. At retirement you will still be able to access the benefits

Restarting contributions:
You can restart contributions at no additional cost, subject to the minimum terms applicable at that time.


The Personal Pension Plan is designed to help you save for your retirement and thereby safeguarding your future quality of life.

It also provides you with the option to start taking benefits between age 61 and 70 as in line with current legislation.  During this time you can choose to:

  • take up to 30% of the fund as a tax free cash lump sum;
  • use the remaining fund to provide an income for life. 

Our Pension Plans are considered as Qualifying Personal Retirement Schemes, and therefore you may qualify to receive 25% tax rebate on your contributions up to a limit of €750 (for 2022).

Plan Charges:

The charges cover the cost of setting up the Plan, any advice provided, as well as the costs of administration, marketing and investing your money.

  • An annual management charge of 0.7% p.a. deducted on a monthly basis from the Plan's value
  • In the first year only of the Plan a deduction of 10% will be made from the regular contributions in order to cover establishment costs.
  • Any increases to regular contributions are charged on the same basis.
  • ‘One-off’ single tops will be charged on the following basis.

  • Payment Amount

    Allocation Charge



    €150 - €2499






    €2,500 - €4,999










Eligibility for tax credit: 

You may claim the tax credit against your contributions if you are:
1.    age eighteen or over at the time when a contribution is made; and
2.    domiciled and/or resident for tax purposes in Malta.

If you meet the above criteria then MSVLife will issue a certificate confirming that your MSV Personal Pension Plan satisfies the relevant legislation to enable a tax credit to be granted. 

Tax treatment of the plan:
1.    Contributions are eligible for tax credit as detailed above.
2.    At retirement you may opt to receive up to 30% of the fund value as a tax free lump sum.
3.    After taking any cash lump sum the remaining fund is then used to provide you with an income which is subject to Income Tax.

Product average rating:
0 / 5
Share this product:
Sort reviews by:
This item has no reviews yet.

Do you want to learn more about the Personal Pension Plans? Then why not start with a free quote or by clicking on the ‘Live Help’. One of our representatives will be able to help you immediately.

If you require more details about the range of life policies from MAPFRE MSVLife, you may:

  • check out the other MAPFRE MSVLife policies on this site
  • call our Customer Service Centre on 356 2131 2020
  • send us an e-mail at [email protected]
  • click on the ‘Get in Touch’ icon at the top (right hand corner) and submit your query and contact details. We’ll contact you as soon as possible.
  • You may also contact any BOV Branch or our BOV Customer Service Centre on 2131 2020 for additional information. 

Download >
Personal Pension Plan - Unit Linked - KFD
Print page
My Guide has identified the following related material
next Previous
BOV Pjazza
next Previous
Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).