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Reward your employees for their hard work and dedication, by funding their retirement plan!
From €100 a month per employee, you can kick-start their personal pension fund. This will supplement your employees’ state pension when they retire, helping them to maintain their lifestyle when they stop working. The minimum contribution of €100 per month may be covered by the employer alone, the employee alone, or jointly!
Under current Maltese legislation, you may benefit from a tax credit for your corporate contributions. The current available tax credit is equal to 25% of the amount you contribute each year, up to a maximum of €750 per employee. Therefore, you may save €3,000 per employee, per year, to maximise the plan’s tax efficiency. Of course, you may choose to contribute more if you wish to offer a higher benefit. You may choose to offer a “flat sum” benefit, for example €1,000 per year, or a percentage of salary, for example 5% of salary.
Employees can start receiving your personal pension income between the ages of 61 and 70. At this time, they can choose to receive up to 30% of their fund as a tax-free lump sum. The fund balance after deducting this lump sum must then be used to provide a regular pension income.
Your employees will also be able to save into their plan and benefit from tax credits for their own contributions.
The information about taxation mentioned above is based on our understanding of our current law and tax practice. Future changes in law and taxation could affect the tax position of both the employer and the employee in relation to voluntary occupational pension schemes. In order to ascertain the exact tax status, specific and professional tax advice should be sought.
The Value of your investment may fall as well as rise and you may get back less than you originally invested. Past Performance is not a reliable indicator of current or future results. Changes in the rate of exchange of currencies may also affect the value of investments.