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Will my pension be enough?
23 Mar 2022
Whether retirement is years away or your next stage in life, it is important to plan in advance for the lifestyle you want to continue to live or experience upon reaching retirement age – whichever the case, timing is important. 

Bank of Valletta, a Tied Insurance Intermediary for MAPFRE MSV Life, is offering its customers a suite of affordable pension plans aimed at supplementing the state pension and providing the required financial stability at retirement stage.

The Personal Pension Plans are medium to long term savings plans particularly suited for employees, self-employed, professionals and employers. The plans start from €40 per month or €1.33 per day and one can choose to:
  • save the amount they want per month;
  • select the age when benefits become available;
  • decide when to increase or decrease the monthly savings amount; and
  • decide when to stop and restart contributions should circumstances change, subject to certain conditions.

It goes without saying that the younger one starts to plan for this major milestone in life, the more wealth may be amassed up to retirement. In fact, anyone from the age of 18 to 59 can embark on these plans. Furthermore, these pension plans qualify for tax incentives and therefore one can be eligible for a tax credit of 25% up to the maximum set by Government. Under current legislation, one can enjoy a tax credit of up to €750 per annum.

Bank of Valletta fully understands that it is not always easy to plan for the future, so the Bank is offering retirement planning support and guidance through its network of Branches and Investment Centres across Malta and Gozo.  To set up a free consultation meeting with a BOV pensions specialist, simply fill in this online form by clicking here or send an email to [email protected]Further information can be found here.

Investment returns can go down as well as up and the past is not necessarily a guide to future performance.  Changes in the rate of exchange of currencies may also affect the value of investments.

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 the retirement date.

Bank of Valletta p.l.c. with registered office 58, Triq San Żakkarija, Il-Belt Valletta, VLT 1130 is an enrolled Tied Insurance Intermediary under the Insurance Distribution Act, Cap 487 of the Laws of Malta for MAPFRE MSV Life p.l.c. (MMSV). MMSV is authorised under the Insurance Business Act, Cap 403 of the Laws of Malta. Both entities are regulated by the Malta Financial Services Authority.

Tax treatment depends on the individual circumstances. Tax legislation and the amount of rebate may change in the future.

The product is manufactured by MAPFRE MSV Life p.l.c. and distributed by Bank of Valletta p.l.c.

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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).