CCGM Pension Administrators Ltd. has just launched a new Private Pensions scheme.
The Lifetime Private Pension Scheme is a long term savings vehicle that takes advantage of government tax rebates and helps savers put aside a little bit every month. This money is invested cautiously to ensure growth in initial years and steady income in retirement.
The scheme qualifies for tax credits on contributions paid into the scheme (equivalent to 15% or a maximum of €150 per annum). This is on condition that the applicant is at least 18 years old and that he/she is domiciled and/or tax resident in Malta. Currently the maximum amount eligible for tax credits is capped to €1,000 per annum. The Scheme is tax-efficient, since tax credit offered on the contributions made into the scheme require no tax to pay on the asset growth. Also, upon commencing retirement (between the ages of 50 & 75), one can opt for a 30% tax free lump sum and use the remaining fund to provide an income for the rest of his/her retirement.
Many people would not like to live on the bare minimum when they get to retirement age, particularly after working hard for potentially 30-40 years. Most individuals would want to at least enjoy the same standard of living if not a better one they had whilst earning a salary. However one chooses to spend his/her retirement, he/she will need to provide themselves with an income for the rest of their lives, thus putting money aside for retirement will likely be one of the biggest investment decisions one will ever make.
CCGM is an approved Retirement Scheme Administrator authorised by the Malta Financial Services Authority and is a joint venture between Calamatta Cuschieri Group Plc. and GasanMamo Insurance Ltd., both leaders in their respective fields of financial services and insurance.
For further information about the Lifetime Private Pensions please visit www.ccgm.com.mt or call on 25 688 688. You can also send an email on [email protected] or visit one of Calamatta Cuschieri or GasanMamo branches for more information.