MAPFRE MSV Life p.l.c. has continued to consolidate its position as the leading provider of retirement savings solutions in the Maltese market during 2020, increasing significantly its book of Personal Pension plans.
“We have written more than 2,000 new Personal Pension Plans during 2020,” said Michael Galea, Chief Business Development Officer at MAPFRE MSV life. “As a result, MAPFRE MSV Life today has 8,000 Personal Pension Plan customers with aggregate Pensions Savings amounting to €23 million. This is a very important development as we are seeing more and more people who decide to start saving voluntarily in order to support their lifestyle aspirations when they retire,” added Mr. Galea.
The MAPFRE MSV Life Personal Pension Plans are qualifying schemes which, therefore, enable customers to benefit, subject to eligibility, from the tax credits made available by government. The tax credit for 2020 was of 25% applicable to a maximum contribution of €2,000 (resulting in a maximum tax credit of €500 per person). Government is continuing to incentivize voluntary pensions savings and has increased the fiscal incentives for 2021 with the applicable tax credits now standing at 25% up to a maximum contribution of €3,000, that is, a maximum of €750 per person.
Demand for MAPFRE MSV Life Personal Pension Plans has reached a new record during 2020 and it is evident that more and more people are becoming aware of the importance of saving enough to support their lifestyle once they retire.
“If one considers our increasing life expectancy together with the lifestyles that we aspire to today, it becomes immediately apparent that we could face a real risk of outliving our savings in retirement. That is why we advocate the importance of saving enough and of saving well. The MAPFRE MSV Life Personal Pension Plans are ideal to help people to save towards their retirement whilst benefiting from the tax incentives that government makes available,” added Mr. Galea.