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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.
John Lowe of Money Doctors
For those self-employed, or owners, directors of companies, there are a number of hugely tax efficient schemes that can be availed of and will certainly whet the investment appetite.
Called Small Self Administered Pension schemes (SSAPs), Self Directed Trusts or Self Invested Personal schemes (SIPs), they open up incredible options where pension funds can now be leveraged to borrow for property on a 30/70% basis, especially now that the banks are back lending again if somewhat tentatively.
In other words, 30% of your pension fund can be used to buy an investment (could be a property, commercial syndicate or non-property investment).
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The Occupational and Personal Pension Schemes (General Levy) Regulations Review 2020, the DWP said option one was preferred as it would better reflect the differing levels of attention devoted by the supervisory regime as against scheme type .
At the same time, it said this option would preserve the collective approach that underpins the current levy system , together with the inherent simplicity and operability of a levy system based on the number of members in each scheme.
Mapfre MSV Life plc has continued to consolidate its position as the leading provider of retirement savings solutions in the Maltese market during 2020, increasing significantly its book of personal pension plans.
“We have written more than 2,000 new personal pension plans during 2020,” said Michael Galea, Chief Business Development Officer at Mapfre MSV life.
“As a result, Mapfre MSV Life today has 8,000 personal pension plan customers with aggregate pensions savings amounting to €23m. This is a very important development as we are seeing more and more people who decide to start saving voluntarily in order to support their lifestyle aspirations when they retire,” he added.