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BOV introduces a Voluntary Occupational Pension Scheme for its Staff

Credit & Financial Institutions

BOV introduces a Voluntary Occupational Pension Scheme for its Staff

by Bank of Valletta

21st November 2022

A Vote of Confidence in the Commitment and Loyalty of Employees

As part of its strategy to strengthen its position as employer of choice, Bank of Valletta introduced a workplace pension scheme for its employees, the BOV VOPS. This is a second-pillar Voluntary Occupational Pension Scheme (VOPS) that is intended to supplement the state pension so that employees can maintain the desired standard of living during their retirement years.

The scheme was presented to employees during three offsite information sessions. In his introduction, BOV Chairman Dr Gordon Cordina stated that “at BOV, we strongly believe that our people are our most valuable asset. Employees are encouraged to invest their talents and hard work to grow and strengthen the Bank. Similarly, the Bank is using VOPS as a tool to invest in its people’s future. This scheme, which is the result of months of cross functional collaboration across the Bank, is a unique way of showing our confidence in the commitment, abilities and loyalty of our people.”

Mr. Kenneth Farrugia, BOV’s new Chief Executive Officer, commented that over the past years, Bank of Valletta has registered a series of important firsts as a bank, from being the first public company to be registered on the Stock Exchange to the Bank that launched important innovative solutions on the market like internet and mobile banking. “I strongly believe that BOV VOPS is one of the most significant firsts registered to date, simply because it is a direct investment in our people and their future well-being.”

Standing out even in such difficult circumstances

Mr. Simon Azzopardi, Chief Wealth Management Officer, highlighted the fact that while the majority of local businesses are facing tough times due to economic pressures, BOV is embarking on a highly-ambitious initiative and making a substantial investment for the benefit of all its employees. Adding to this, Mr. Ray Debattista, Acting Chief Officer People and Change, commented on the fact that the VOPS initiative was one of the main pillars of the Bank’s plan for its people, and he was highly satisfied with employees’ initial reaction to the scheme as well as the unanimous support that this initiative was given by both the Bank’s Board of Directors and the Executive Committee.

During the information sessions, Tonia Parascandolo and Claire Falzon from Bancassurance delivered a detailed explanation of how the VOPS works and its salient features. Adrian Borg, from BOV Asset Management, gave an overview of the Lifestyle Strategy implemented to cater for the investment of contributions. The salient features and benefits of BOV VOPS are the following:

The Bank will match every employee’s contribution up to €2,400 in a given calendar year. This commitment is guaranteed for at least the next five years;
Employees who currently have another workplace pension may transfer their pot under BOV VOPS.

Credit & Financial Institutions

BOV introduces a Voluntary Occupational Pension Scheme for its Staff

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