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.
Individuals currently enjoying salaries in excess of state pension payments will find it highly challenging to adapt to a much lower level of income
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 ages 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 per cent up to the maximum set by the 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,” Simon Azzopardi, chief wealth management officer at Bank of Valletta, said.
“Individuals currently enjoying salaries which are well in excess of state 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,” Azzopardi remarked.
Bank of Valletta 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 the online form found at www.bov.com/mytoolkit/bankassurancequote.aspx, send an e-mail on info@bov.com or call on 2131 2020.
More information can be found on https://www.bov.com/news/plan-your-future-with-bov.