Introduction

Will you have enough income when you retire?

A simple question exists—yet many of us avoid thinking about it. While focusing on the present is natural, planning for your financial future is essential. That's where pension plans come in.

A pension plan is a long-term plan that provides income after you stop working. In today's world, where people live longer and the cost of living keeps rising, relying solely on the state pension will not be enough.

At Jesmond Mizzi Financial Advisors, we want to help you plan for retirement. Our goal is to ensure you have a comfortable and enjoyable future.

As tied insurance intermediaries for MAPFRE MSV Life p.l.c. for conventional and 'with-profits' business and IVALIFE Insurance Limited for 'unit-linked' business, we offer pension solutions that fit your life stage, job status, and financial goals. Whether you work for someone else, run your own business, or find yourself in between, we'll guide you every step of the way

Why Pensions Matter

A pension is one of the most effective ways to build long-term financial security. Here's why:

●      Financial Independence

Pensions give you the freedom to enjoy retirement without relying solely on the state or your family for support.

●      Peace of Mind

Having savings for the future lowers financial stress. It also boosts your confidence in your retirement plans.

●      Rising Life Expectancy

Today, many people spend 20 years or more in retirement. Your savings need to last—possibly longer than you think.

●      Tax Benefits

Pension contributions often qualify for tax incentives, helping you save more while reducing your annual tax bill.

In short: the earlier you start, the more secure your future will be.

Understanding Your Pension Options

In Malta, there are two main types of private pensions available to individuals:

●      Voluntary Occupational Pensions (VOPs)

These are workplace pension schemes set up by employers, where both the employer and employee can contribute regularly.

●      Personal Pension Plans (PPPs)

These are independent plans you manage yourself, ideal for both employed as well as self-employed individuals or anyone without access to a state or an employer pension.

Each option has its advantages and you may choose to have both, depending on your employment status and retirement goals.

VOPs: Contributing Through Your Employer

A Voluntary Occupational Pension is arranged by an employer and made available to employees on a voluntary basis. While it's not mandatory for businesses to offer or contribute to one, many do so to support staff wellbeing and long-term financial security.

Key Benefits:

●      Shared Contributions: Both the employer and employee may contribute regularly.

●      Easy Process: Contributions are deducted automatically from your salary.

●      Tax Incentives: You may benefit from tax credits on your contributions.

 

Who Should Consider This?

Employees working in companies that offer VOPs. A simple and effective way to build savings with the support of your employer exists.

PPPs: Totally Independent

If you're self-employed or your employer doesn't offer a pension scheme, a personal pension plan is the ideal solution. You're in control of how much you contribute and how the money is invested. If you are already enrolled in an occupational pension scheme and would like to maximize on your contribution and tax benefits, you may consider a PPP, as an additional pension.

Key Benefits:

●      Disciplined Contributions: Systematic build-up.

●      Full Control: You choose the plan and investment approach.

●      Tax Benefits: Contributions may be eligible for tax credits.

 

Who Should Consider This?

Self-employed workers, freelancers, part-time employees, or anyone looking to boost their retirement saving.

Tax Advantages of Pension Contributions

Contributing towards a pension plan in Malta comes with generous tax incentives. These can significantly reduce your tax liability while increasing your savings.

    For Individuals:

●      25% of contributions up to a maximum of €750 in tax credits per year on your pension contributions

For Employers:

●       25% of contributions up to a maximum of €750 in tax credits per year on employers' contributions per employee

●      Employer contributions are tax deductible, up to €2,000 per employee per year

 

These incentives make pensions even more attractive and affordable—especially when benefiting from them consistently over the years.

 

Getting Started with Jesmond Mizzi Financial Advisors

Setting up a pension may sound complicated. We make it simple.

Here's How:

1. Book an Appointment: Speak with our team to explore your options.
2. Choose Your Plan: Select the type of plan, based on your needs, risk profile, and your future goals.
3. Start Contributing: Decide on the amount of contributions and set up a systematic payments method.

 

Whether you're aiming for peace of mind or to have a specific retirement lifestyle, we are here to help.

 Conclusion

Retirement may feel like a long way off—but preparing today makes all the difference tomorrow. Whether you're just starting your career or already thinking about life after work, pensions are the tools you need to build a strong foundation for the years ahead. Make your retirement something to look forward to!

Your future starts today. Let us guide you every step of the way.

Jesmond Mizzi Financial Advisors Ltd (JMFA) (C-30176) is licensed to conduct Investment Services Business under the Investment Services Act by the Malta Financial Services Authority (MFSA) and is a Member Firm of the Malta Stock Exchange.

 

Jesmond Mizzi Financial Advisors (JMFA) is enrolled under the Insurance Distribution Act, Cap. 487 of the Laws of Malta, as a Tied Insurance Intermediary for both MAPFRE MSV Life p.l.c. (MMSV) and IVALIFE Insurance Limited (IVALIFE). MMSV (C-15722) and IVALIFE (C-94404) are authorised by the Malta Financial Services Authority (MFSA) to carry on long-term business under the Insurance Business Act, Cap. 403 of the Laws of Malta. All entities are regulated by the MFSA.

The With-Profits Products are manufactured by MMSV and the Unit-Linked Products are manufactured by IVALIFE, who provide cover under these policies. All Products are distributed by JMFA.    

 

MAPFRE MSV Life p.l.c. (MMSV)

 

If you invest in the MMSV Personal Pension Plan With-Profits, you will not have access to your money before the retirement date.

If you stop paying your plan before the selected retirement date, you may not get back as much as you invested as plan charges will continue to apply.

The value of your investment may go down as well as up and you may get back less than you originally invested.

Tax treatment depends on the individual circumstances. Tax legislation and the amount of rebate may change in the future.

 

IVALIFE Insurance Limited (IVALIFE)

 

Money invested within the IVApension Unit-Linked Sub-Account may be eligible for a tax-credit and will not be accessible before the age of 61. Such tax credits depend on individual circumstances and their amounts together with Maltese tax legislation may change in the future.

The investment value may go down as well as up and could also be affected by changes in currency exchange rates. You may lose some or all of the money invested.

Charges will apply should you surrender the Access Sub-Account or transfer the Pension Sub-Account before the Retirement Date.

Your decision to invest in this product should be based on the full details within the product documentation.