MAPFRE MSV Life plc has continued to register sustained business growth in its pensions business during 2022, the company said in a statement.

Up to December 31, 2022, the company was managing over €55 million of personal pension plan savings and had nearly 14,000 personal pension plans on its books. Concurrently, MAPFRE MSV Life plc has also continued to register increased demand from employers to set up voluntary occupational pension schemes for the benefit of their employees.

MAPFRE MSV Life plc offers two types of personal pension plans – a With Profits Personal Pension Plan and a Unit Linked Personal Pension Plan. Both are qualifying schemes which make the policyholder eligible to the tax incentives that the government is making available to encourage individuals to save voluntarily towards their retirement. The tax credits for 2023 amount to a maximum of €750 (25 per cent on contributions of up to €3,000).

One of the distinguishing features of the MAPFRE MSV Life Unit Linked Personal Pension Plan is the wide range of investment options that are available to the policyholder to choose from. All these are externally managed by professional fund managers including Fidelity Investments, MAPFRE Asset Management, BlackRock, and BOV Asset Management, among others.

Included in the range of Unit Linked funds are the Fidelity Target Funds which constitute a unique value proposition to customers. These lifestyle funds designed to provide investors with a balanced and diversified portfolio that is automatically adjusted based on their target retirement date.

We are delighted with the continued growth of our pensions business both in the area of Personal Pension Plans but also in the Voluntary Occupational Pension Scheme market

This means that, as investors get closer to retirement, the fund automatically reduces its exposure to riskier assets and increases its allocation to less risky assets, helping to protect their retirement savings.

Michael Galea, chief business development officer of MAPFRE MSV Life plc, said: “We are delighted with the continued growth of our pensions business both in the area of Personal Pension Plans but also in the Voluntary Occupational Pension Scheme market.

“One of the schemes that we are managing is the MAPFRE Malta scheme with MAPFRE Malta being one of the first employers to have introduced a voluntary occupational pension scheme for the benefit of its employees.

“The strong take-up shows that employees value this attractive benefit through which the company is contributing towards their long-term well-being while enabling them to have in place a pension pot that will be very useful to support their lifestyle in retirement. This benefit takes a long-term view to employee well-being while also enabling employees to benefit from the tax credits that government makes available to incentivise voluntary savings towards retirement.”

For more information about MAPFRE MSV Life Personal Pension Plans, visit www. mapfre. com.mt/simple-and-secure-retirement/.