BOV offers retirement plans starting from just €40 per month

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, the age when benefits become available, when to increase or decrease the monthly savings amount and when to stop and restart the plan should circumstances change. 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.

“We all work very hard throughout our life to secure our future and that of our respective families. The level of wealth that we manage to put aside during this period will have a significant bearing on our ability or otherwise to sustain our standard of living and ensuring in the process an enjoyable and comfortable retirement,” stated Simon Azzopardi, Chief Wealth Management Officer at Bank of Valletta. “Individuals currently enjoying salaries which are well in excess of government pension payments, will find it highly challenging to adapt to the reality of a much lower level of income. Consequently, in the absence of proper retirement planning, pension payments will most likely be the main source of income. In the absolute majority of cases this will fall short of one’s retirement goals and aspirations.”

“As a result, Bank of Valletta is offering these flexible and affordable MAPFRE MSV retirement plans through its network to assist customers to plan ahead, and look to the future with confidence, without compromising or lowering their current standard of living,” concluded Azzopardi.

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, send an email on or call on 2131 2020. 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.

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 Pension Plans distributed by Bank of Valletta p.l.c. are products of MAPFRE MSV Life p.l.c.

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