WorkSave Pension Scheme
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WorkSave Pension Scheme
The reduction in fertility rates, combined with the increase in life expectancy means that the cost of providing State Pensions is increasing. It is widely acknowledged that individuals have to start taking responsibility for their own future wellbeing and save sensibly towards a financially secure and independent retirement.
The MAPFRE MSV Life WorkSave Pension product is a contract based, voluntary work place pension scheme. Its main aim is to offer you a way of saving for the retirement of your employees in a tax efficient manner.
Benefits for Employers
- By contributing to the future retirement savings of your employees through a voluntary occupational pension scheme, the employer can enhance their reputation and become an “employer of choice.”
- Increase in employee satisfaction
- Recruitment and retention of quality employees
- The employer can benefit from tax savings and additional tax credits
Benefits for Employees
- Attractive tax credits on the contributions paid.
- Employees are the owners of the accumulated retirement savings at all times and have full control over their savings.
- Employees’ retirement savings can move with the employee from one employment to another.
- Contributions are automatically paid or deducted through the payroll.
- Contributions can be invested in a wide choice of investment options.
- Employees do not pay income tax on investment gains made before they retire.
- Upon attaining retirement age, employees are entitled to receive a tax-free cash lump sum of up to 30% of the accumulated retirement savings.
Plan Description
The MAPFRE MSV Life Workplace Savings scheme is simply a group of individual savings plans arranged under one scheme. The plan will be issued in the name of the employee and will be theirs to keep whatever happens in the future.
It’s Aims
To provide your employees with a structured Savings Plan.
Your Commitment
Both Company and Employee commitments are dependent on the terms and conditions negotiated with MSV Life when setting up the Savings Scheme.
Risk Factors
Dependent on the type of plan chosen.