Mapfre MSV Life reports significant take up of Personal Pension Plans during 2019
Mapfre MSV Life plc has continued to consolidate its position as the leading provider of retirement solutions in the Maltese market during 2019.
Speaking on the results obtained by the company in this business area, David G. Curmi, CEO of Mapfre MSV Life announced that during 2019 the company had issued over 2,000 new Personal Pension plans. “We are very pleased that during 2019 we had over 2,000 new customers who decided to start a new Personal Pension Plan and start saving to support their lifestyle in retirement. Our book of Personal Pension business has now exceeded 5,500 customers who, between them, have built up Pensions Savings of over €13m,” said Curmi.
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 2019 was of 25% applicable to a maximum contribution of €2,000 (resulting in a maximum tax credit of €500 per person) and it is expected that the same level of tax credits will be maintained for this year.
Curmi said: “Demand for our Personal Pension Plans have reached record levels during last year and it is evident that more and more people are becoming aware of the importance of saving so as to build enough savings to support their lifestyle once they retire. With ever-increasing life expectancy, the risk of a person outliving his or her savings in retirement is even more likely. That is why it is important for people to understand 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 while benefiting from the tax incentives that government makes available.”
More information about the Mapfre MSV Life Personal Pension Plans is available from the Mapfre MSV Life offices in Floriana, Luqa and Birkirkara; from all Bank of Valletta and APS Bank branches and from Mapfre MSV Life Tied Insurance Intermediaries and insurance brokers.