Joyce Tabone

PR & Marketing, Bank of Valletta

Joyce Tabone is passionate about communication. Be it through words or pictures, her key objective is that the message gets across from one point to the other. As the financial services world becomes increasingly complex, communication becomes all the more important, and Joyce is at her happiest when she’s helping to bridge the gap between the Bank and the market, using digital platforms to act as a bridge rather than a divide. Joyce works within the PR & Marketing team at Bank of Valletta.

Introducing Private Pension Plans

Friday 14th October 2016

In 2014, the Government passed legislation whereby individuals who choose to enter into a Private Pension Fund are entitled to a tax rebate of 15 per cent (capped at €150). On reaching retirement age, (between 50 and 75 years of age), one could withdraw 30 per cent of their savings as a lump sum, tax-free. The remaining 70 per cent would provide them with an income for life, through an annuity or for a pre-determined period of time. One may also choose to provide for an income for their partner, or a lump sum for their heirs.

The Private Pension plans offered by Bank of Valletta through MSV Life give you flexibility and choice. The plans have been designed to encourage as many people as possible to start saving for their future, from as little as €40 per month.

There are two distinct products available, depending on what every individual would like to achieve.
The ‘With Profits’ Pension Plan is a low-to-medium risk investment that provides potential growth while protecting the person from short-term market volatility. Any money one invests will grow in line with MSV’s declared bonuses. It is a slow-but-steady route for people who want to know their savings are guaranteed and growing at a steady rate.

The ‘Unit Linked’ Pension Plan, meanwhile, is a higher risk investment because one can choose to invest from a range of 40 external investment funds, giving it the potential for higher growth depending on how every fund fares. This product gives the investor the potential for medium- to long-term capital growth, while also allowing them to create a portfolio to match one’s investment objectives.


Once one is able to allocate a part of their monthly income to their savings, one needs to think about investing those amounts. Investing puts money to work and usually offers the benefits of compound interest. Investing is integral to ensuring one’s retirement programme meets their goals. The earlier you start, the easier it will be for you to do so.

The types of investments that are suitable for one’s portfolio will depend primarily on their risk tolerance. Generally, the closer you are to your targeted retirement date, the lower your risk tolerance will be. Regardless of risk tolerance, it is important to achieve an appropriately diversified portfolio, one that maximises return for its determined risk.

Get Professional Help

It is important that one seeks the assistance of a professional financial planner. Book an appointment with one of our Financial Advisors at the branch of your choice (you can book by contacting Customer Service Centre on 2131 2020). Our advisors will be able to explain the various options available and help you find the right package for your circumstances today. And don’t worry about your circumstances changing. There is enough flexibility in the products we offer to cater for changes.

Bank of Valletta p.l.c. is a public limited company licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap. 370 of the Laws of Malta). Bank of Valletta p.l.c. is an enrolled tied insurance intermediary of MSV Life p.l.c. MSV Life is authorised by the Malta Financial Services Authority to carry on long term business of insurance under the Insurance Business Act 1998. Bank of Valletta p.l.c. is authorised to act as a trustee by the Malta Financial Services Authority.

Miriam Sultana

Head of Economics Advisory, PKF Malta

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