During the annual conference by the Malta Union of Midwives and Nurses (MUMN), the Head of Bancassurance at Bank Of Valletta, Mario Farrugia said that decreased fertility rate and increased life expectancy with less people in the work force to sustain pensions, prompt for better planning to sustain one’s lifestyle following retirement.
The private pension plan offered by Bank of Valletta and Mapfre MSV Life aims to accumulate a tax-free sum that will supplement the state pension. When Maltese residents opt to invest in a Private Personal Pension Scheme, they are eligible to benefit from a 25% tax credit on a maximum investment of €2,000 p.a.
Bank of Valletta is an enrolled toed insurance intermediary of Mapfre MSV Life p.l.c. Mapfre MSV Life is authorised by the MFSA to carry out long term business of insurance under the Insurance Business Act (Cap.403 of the laws of Malta).