In today’s environment, with a strong emphasis on employee well-being and financial security, it is highly advisable for employers to take comprehensive measures to support the long-term financial stability of their employees. At MAPFRE MSV Life we understand the importance of planning for retirement and that’s why we offer workplace pension solutions tailored to meet the unique needs of both individuals and employers.
What is a Workplace Pension Scheme?
Our MAPFRE MSV Life WorkSave Pension Scheme is a registered Qualifying Voluntary Occupational Pension Scheme and a linked long-term contract of insurance, as per the Insurance Business Act, Cap 403. This scheme is approved by the Commissioner of Inland Revenue as a Qualifying Scheme in accordance with the law.
Why Should You Set it Up?
- Increase Retention Efforts: Offering a workplace pension scheme can boost employee retention by demonstrating your commitment to their financial well-being.
- Enhance Your Reputation: Becoming an “employer of choice” with comprehensive retirement benefits can improve your company’s reputation and attractiveness to potential recruits.
- Boost Employee Satisfaction: Happy, financially secure employees are more productive and engaged in their work.
- Attract Quality Employees: A competitive pension scheme can help you attract and retain top-tier talent.
- Employee Flexibility: Our schemes offer flexibility to employees in managing their savings, empowering them to plan for their unique retirement goals.
- Tax Credits for Employers: Enjoy a tax credit of 25% on every contribution you make on behalf of an employee, with a maximum annual credit of €750 per employee, as per current legislation. Additionally, contributions are tax-deductible up to €2,000 per annum.
Tax Benefits for Employees:
- Tax Credits: Employees can benefit from a 25% tax credit on their contributions, capped at €750 per annum.
- Tax-Free Lump Sum: At retirement, individuals can withdraw up to 30% of their retirement savings as a tax-free lump sum.
- No Capital Gains Tax: There’s no capital gains tax on investment income while retirement savings accumulate.
- Tax-Free Benefits for Beneficiaries: In the unfortunate event of a beneficiary receiving the retirement savings as a death benefit, no tax is paid.
Setting up a workplace pension scheme with MAPFRE MSV Life is easy, and our dedicated Corporate team is here to guide you through the process. We are committed to providing long-term quality service and support, ensuring that both employers and employees can embark on a financially secure journey from the workplace to retirement.
Invest in your employees’ future and the future of your business with MAPFRE MSV Life’s WorkSave Pension Schemes. Contact us today to learn more about how we can assist you in building a financially secure tomorrow.