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With Profits 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.

They are particularly suitable for:

  • self-employed persons
  • professionals
  • individual employees or groups of employees
  • employers 

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 plans 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. 

Terms & Conditions
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Why should I opt for a With Profits Pension Plan?
  • To build up a sum of money which will be used to provide a tax-free cash sum when you retire and a regular income for the rest of your life, in order to supplement the state pension.
  • To help your retirement planning cope with changes in your personal and financial circumstances.
  • To invest in the MSV Life With Profits Fund.
  • To provide a cash sum to your wife, husband or dependant(s) should you die before you retire.
What is the With Profits Pension Plan?
  • The Personal Pension Plan (With Profits) is a long term regular savings pension plan investing in the MSV With Profits Fund.
  • 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 2021 can apply to a maximum contribution of €3,000 (resulting in a maximum tax credit of €750 per eligible person).

 Year Maximum Contribution Maximum Tax Rebate
 2015 €2,000€300 
 2016 €1,000€150
2017€1,000 €150 
 2018€1,000 €150 
 2019€2,000 €500 
 2020€2,000 €500
 2021€3,000 €750 

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. 

What are my commitments?
  • To make regular contributions for the life of the Plan.
  • To keep the plan invested until you choose to take your retirement benefits.
  • To invest for the long term and to review your contributions on a regular basis.

The following are the main features of the plan:

Type of Plan With Profits
Minimum Contributions €40 Monthly
  €120 Quarterly
  €240 Half-yearly
  €480 Yearly
Age at Entry Anyone aged between 18 and 60
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 101% of the value of your Policy to your estate or named beneficiary 
  if you die before taking benefits.
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 The fund invests in a range of investments including shares, bonds, property
  and short-term assets with the objective of maximising the rate of return whilst
  preserving the real capital value of the investments*
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%)
  Stop contributions and restart them within five years at no additional cost,
  subject to the minimum terms applicable at that time.
  Stop making contributions, in which case your plan will continue to be
  invested and MSV will continue to be deduct their charges

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 2021).

Plan charges:

  • Policy Fee of €30 yearly.
  • Top Up Allocation Charges:   A percentage deduction from the Top Up premium paid will be made in accordance with the following allocation bands:





Allocation Band


Allocation Charge


Top-up Amount






up to €69,000






between €70,000 and €114,999






between €115,000 and €229,999





over €230,000


Special Offer for 2015: Top-ups effected during this year up to 31st December 2015 are not subject to an allocation charge.

All charges shown are subject to review from time to time, however we will give you 90 days’ notice before making any alterations.

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 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 cash 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.





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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 MSV Life, you may:
• check out the other MSV Life 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. 

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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).