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Reward your employees for their hard work and dedication, by funding their retirement plan!
From just €40 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.
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 €500 per employee. Therefore, you may save €2,000 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 the same tax credits offered under the Personal Pension Plan for their own contributions.