MAPFRE MSV Life p.l.c, Malta’s leading life insurance company, is pleased to announce that it has continued to register sustained business growth in its Pensions business during 2022.
MAPFRE MSV Life’s success in the Personal Pension Plan market is reflected in the fact that up to 31 December 2022, the company was managing over €55 million of Personal Pension Plan savings and had nearly 14,000 Personal Pension Plans on its books. This demonstrates that MAPFRE MSV Life p.l.c has continued to consolidate its position as a trusted provider of Personal Pension Plans and that more and more individuals are taking out a MAPFRE MSV Life Personal Pension Plan as they save for their retirement. Concurrently, MAPFRE MSV Life p.l.c has also continued to register increased demand from employers to set up Voluntary Occupational Pension Schemes for the benefit of their employees.
MAPFRE MSV Life p.l.c offers two types of Personal Pension Plan – a With Profits Personal Pension Plan and a Unit Linked Personal Pension Plan. Both are qualifying schemes which make the policyholder eligible to the tax incentives that government is making available to encourage individuals to save voluntarily towards their retirement. The tax credits for 2023 amount to a maximum of €750 (25% on contributions of up to €3,000).
One of the distinguishing features of the MAPFRE MSV Life Unit Linked Personal Pension Plan is the wide range of investment options that are available to the policy holder to choose from. All these are externally managed by professional fund managers including Fidelity Investments, MAPFRE Asset Management, BlackRock and BOV Asset Management amongst others.
Included in the range of Unit Linked funds are the Fidelity Target Funds which constitute a unique value proposition to customers. This is because the Fidelity Target Funds are Lifestyle funds that are designed to provide investors with a balanced and diversified portfolio that is automatically adjusted based on their target retirement date. This means that, as investors get closer to retirement, the fund automatically reduces its exposure to riskier assets and increases its allocation to less risky assets, helping to protect their retirement savings.
Michael Galea, Chief Business Development Officer of MAPFRE MSV Life p.l.c, commented on the company’s success, saying, “We are delighted with the continued growth of our pensions business both in the area of Personal Pension Plans but also in the Voluntary Occupational Pension Scheme market. One of the schemes that we are managing is the MAPFRE Malta scheme with MAPFRE Malta being one of the first employers to have introduced a Voluntary Occupational Pension Scheme for the benefit of its employees. The strong take up shows that employees value this attractive benefit through which the company is contributing towards their long-term wellbeing whilst enabling them to have in place a pension pot that will be very useful to support their lifestyle in retirement. This benefit takes a long-term view to employee wellbeing whilst also enabling employees to benefit from the tax credits that government makes available to incentivise voluntary savings towards retirement.”
MAPFRE MSV Life p.l.c is committed and is well positioned to continue helping individuals plan for their retirement and to support employers wishing to set up a Voluntary Occupational Pension Scheme.
For more information about MAPFRE MSV Life Personal Pension Plans, please visit https://www.mapfre.com.mt/simple-and-secure-retirement/
Tax treatment depends on individual circumstances and is based on current tax legislation which may change in the future. Investment returns can go down as well as up and the past is not necessarily a guide to future performance.
MAPFRE MSV Life p.l.c. (C-15722) is authorised by the Malta Financial Services Authority (MFSA) to carry on long-term business under the Insurance Business Act. MAPFRE MSV Life p.l.c. is regulated by the MFSA.