WorkSave Pension Scheme
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.
- 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
- 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.