Do you intend on maintaining a comfortable lifestyle in your eventual retirement? Whether you are an employer or an employee, perhaps it is still safe to assume that your answer to that question would be ‘Yes’. However, despite your aspiration to retire comfortably, you still feel unsure as to how much you should be saving, and more importantly, when to start saving.
We hit the nail right on the head there, didn’t we?
Nevertheless, the inevitable reality is that the challenges faced by governments in order to ensure that people have adequate savings for their retirement are continuously increasing. Because of this, it is becoming more and more important for future pensioners to consider multi-pillar pension systems in order to make sure that their retirement provisions are both sustainable and adequate.
This is precisely why when it comes to retirement planning, it is always best to start early! So without further ado, let us delve into the various benefits that both employers and employees can enjoy with the MAPFRE MSV Life WorkSave Pension Scheme – the first, insurance based, voluntary occupational pension scheme available in Malta.
- Enhance your reputation by becoming the employer of choice.
- Increase employee satisfaction.
- Recruit and retain quality employees.
- Benefit from tax savings.
- Enjoy a better quality of life in retirement.
- Receive attractive tax credits on the contributions paid.
- Have full control over savings at all times.
- Retirement savings can move with the employee from one employment to another.
- Contributions are automatically deducted through the payroll.
- Paying income tax on investment gains is not required.
- Entitled to a tax-free cash lump sum of up to 30%.
- Grow your savings faster through compounding.
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Tax treatment depends on the individual circumstances. Tax legislation & the amount of rebate may change in the future. The MAPFRE MSV Life WorkSave Pension Scheme is underwritten by MAPFRE MSV Life p.l.c., Company Registration No: C15722 authorised by the Malta Financial Services Authority (MFSA) to carry on long-term business under the Insurance Business Act Cap. 403. MAPFRE MSV Life p.l.c. is regulated by the MFSA.