Life Insurance

Life Insurance is protection for you and your family. Life Insurance pays an agreed sum on your death within the agreed term. It is designed to provide that additional financial support your loved ones after your death. It can also be combined with a savings or retirement plan. This will pay a lump sum if you die within a specified period or if you survive to the end.

Worksave Corporate Pension Plans

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.

Limited Time Offer - €5,000 Corporate Insurance Credit

Laferla is giving companies up to €5,000 back in credits to use on other qualifying insurance products when taking up a new Worksave Corporate Pension Scheme by end of 2022.

Laferla will credit the employer back with €50 per employee enrolled on a new Worksave Pension Plan, up to a maximum of €5,000 per employer or group of employers, applicable for the first year of the plan. Offer applicable on employees before 31st December 2022.

The full amount of credits must be used within 12 months on qualifying insurance products, which include Group Health Insurance, Group Life Insurance, Group Personal Accident Insurance, and Business Combined Insurance. Credits may be used on newly taken-up insurance policies/schemes only (i.e. may not be used on existing policies in place with Laferla), and subject to a 3-year commitment. Credits may be used only on insurance policies taken up directly through Laferla’s Head Office.

Learn More

Download our comprehensive presentation explaining the Worksave Pension Plan in detail.

Contact Us

If you are interested in learning more about the Worksave Pension Plan for your company, please contact us for a free consultation with no obligations.