BOV announces limited-time offer on the MAPFRE MSV Life Unit Linked Personal Pension Plans

Bank of Valletta has partnered with MAPFRE MSV Life to relaunch a special limited-time offer on the Unit-Linked Personal Pension Plans. Customers taking up a new unit-linked personal pension plan through the Bank will earn a one-time top-up of €175 as soon as the new plan is set up and the first premium paid by the policyholder is allocated. This offer is valid until the 30^{th of} September 2023.

“Following the positive response received to a similar offer launched last year, Bank of Valletta and MAPFRE MSV Life have renewed this offer for a fresh period,” explained Ms Tonia Parascandalo, who heads the Bancassurance arm within the Bank’s Wealth Management function. Speaking about the benefits of the Unit Linked Pension Plan, Ms Parascandalo referred to the increased awareness observed in recent years about the necessity to supplement one’s pension.  “The personal pension plan is basically a long-term savings plan with tax relief,” she said. “Presently, the tax credit is 25% of the contributions made by the policyholder in a given year, up to a maximum tax credit of €750 per person annually. In addition, at retirement, one may choose to receive up to 30% of the fund value tax-free.”

The Personal Pension Plan offers flexibility to the policyholder, including in the amount of contribution as well as the investment options linked to one’s savings. “Customers may take up a pension plan with as little as €40 monthly, meaning that this is a product within the reach of most people. In addition, policyholders are free to make changes in their contribution at any time” explained Tonia Parascandalo. “Obviously, the earlier one starts planning for retirement, the more benefits that would accrue, given that the longer one’s contributions are invested, the better the chances for financial growth,” she remarked.

Bank of Valletta is offering Personal Pension Plans which are Unit Linked. Essentially, this means that the value of the contributions made is linked to a number of funds that the policyholder chooses according to his risk appetite. The value of the policy will fluctuate over the years according to the market and the chosen underlying assets. Even in this aspect, the policyholder can benefit from significant flexibility. “One may choose to invest in as many as ten funds concurrently. Furthermore, one may opt to switch between funds at any point in time, with the first two switches in any year free of charge,” she explained whilst highlighting that the unit-linked policies lend themselves very well for both capital growth and appreciation over time.

Furthermore, the Unit Linked Pension Plans give the policyholder access to a broad spectrum of funds, some of which are specifically geared toward retirement planning. These funds cater to any type of risk appetite, be it cautious, balanced, or more aggressive. In this manner, they are ideal instruments because they offer the flexibility of combining or switching from one type to another, according to one’s risk appetite or personal circumstances.

Anyone interested in learning more about the Bank’s suite of Pension Plans is invited to set an appointment with the BOV Branch of choice by visiting https://www.bov.com/assistants/set-an-appointment, sending an email to bancassurance@bov.com or calling on telephone number 2275 1627. Further information about this limited-time offer may be obtained from https://www.bov.com/products/unit-linked-pension-plan

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.

This is a limited-time offer ending 30 September 2023. MAPFRE MSV Life reserves the right to close this offer earlier.

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

 Further information on the plan may be obtained from the Key Features Document available from our website https://www.bov.com

 – 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.

– 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.