MAPFRE MSV Life reports strong demand for personal pension plans

MAPFRE MSV Life plc has seen sustained demand for personal pension plans in 2021, thus consolidated its position as the leading provider of retirement savings solutions in the Maltese market last year, the company reported. 

“We have written more than 2,800 new personal pension plans during 2021,” Michael Galea, chief business development officer at MAPFRE MSV life, said.

“As a result, MAPFRE MSV Life today has nearly 11,000 personal pension plan customers with aggregate pensions savings amounting to over €37 million. It is clear that more and more people are being receptive to the message that underlines the importance of saving towards retirement as can be seen from the take-up that we have registered during last year, ” Galea added.

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 the government. The tax credit for 2021 was of 25 per cent applicable to a maximum contribution of €3,000 (resulting in a maximum tax credit of €750 per person). The government is continuing to incentivise voluntary pensions savings with the same level of fiscal incentives...