Employee Pension Plan

Your most valuable asset is your employees.

 

Any business large or small, relies on one vital ingredient: its employees. More than anything else, it is the capabilities and the motivation of the employees which determines success. Securing their commitment and loyalty is very important to you.

One way that shows that you’re a caring organisation that takes interest in your employees’ well-being both now and beyond their retirement, while further boosting your brand image in the community is by introducing an employer sponsored pension plan.

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Benefits to you, the employer

  • Helps you attract and retain the best talent
  • Tax credit of up to €750 p.a. per employee*
  • Tax deductible up to €3,000 p.a. per employee

The Employee Pension Plan also provides important tax concessions** for your employees:

  • Tax credit of up to €750 p.a. on personal contributions*
  • No tax payable on death benefits
  • Subject to regulatory requirements being met, up to 30% ***of the plan value may be available, as cash lump sum which is exempt from tax in Malta.
  • No Capital Gains Tax on investment income received within the plan.
  • Employer contributions are not considered a Fringe Benefit and no further tax is payable.

Your employees will also enjoy and value other multiple benefits:

  • Educational seminar by HSBC to present generic retirement planning tips and to explain the value of a plan sponsored by you as their employer.
  • Contributions payable by you to help boost their retirement planning.
  • A simple process to join the plan with initial meetings arranged through the workplace.
  • Full financial advice provided to each employee by HSBC Bank Malta p.l.c. through a team of financial planning advisors.
  • Complete flexibility of contributions, subject to a low minimum thresholds.
  • Wide range of investment fund choices giving access to world renowned investment managers.
  • Online valuations of the plan available through HSBC Malta Online and Mobile Banking.

*25% tax credit on a maximum contribution of €3,000 p.a. per employee from year of assessment 2022.

** This information has been prepared on our understanding of current legislation, tax laws and Inland Revenue practice at time of publication. The applicable laws and legislation may change in the future. Please consult your Tax Advisor for confirmation of tax benefits applicable to your circumstances

***The option to withdraw up to 30% of the Plan is subject to certain conditions under the prevailing Pension Rules of the MFSA which require a sufficient retirement income for life to remain in the Plan.

 

Find out more

To find out more about our Employee Pension Plan, book an appointment for advice with a member of our financial planning team.

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Important documents

Further details can be found in the product brochure. Click here to read the product brochure (PDF, 1.21 MB).

Risk Warnings

This information is not to be construed as investment advice. The Plan invests in HLM Funds and offers no capital protection or guarantees of performance. The value of the investment can go down as well as up and capital is at risk. Past performance is not a guarantee for future performance. Currency fluctuations may affect the value of the investment.

The Plan is designed as a savings plan for retirement purposes and an early surrender of the Plan is not allowed.

The Employee Pension Plan is a Registered as a Qualifying Scheme in terms of the Voluntary Occupational Pension Scheme Rules (LN 228 of 2017) with the Office of the Commissioner for Revenue to enable tax concessions on employee and employer contributions and cannot be surrendered or withdrawn prior to the benefit stage. Benefits from the Employee Pension Plan cannot be accessed prior to the policyholder reaching the age of 61 and subject to that the policy has been in place for at least 10 years.

It is important that you read this information in conjunction with the Brochure, Key Features Document, Policy Terms & Conditions, Proposal Form and the Policy Schedule. Further information including the general risk factors of each underlying fund can be found in the prospectus andthe Key Information Document, which can be obtained through this website or upon request, free of charge, from HSBC Life Assurance (Malta) Ltd. or HSBC Bank Malta p.l.c..

The Employee Pension Plan is manufactured by HSBC Life Assurance (Malta) Ltd. The Plan is distributed to investors in Malta through HSBC Bank Malta p.l.c.

Approved and issued by HSBC Bank Malta p.l.c, (116, Archbishop Street, Valletta VLT 1444). HSBC is a public limited company regulated by the Malta Financial Services Authority and licensed to carry out the business of banking in terms of the Banking Act (Cap.371 of the Laws of Malta). HSBC is licensed to conduct investment services in terms of the Investment Services Act (Cap.370. of the Laws of Malta) and is enrolled as a Tied Insurance Intermediary for HSBC Life Assurance (Malta) Ltd under the Insurance Distribution Act (Cap. 487 of the Laws of Malta).


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