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The Lifetime Occupational Pension Scheme has been set up to manage pension schemes on behalf of employers that wish to take advantage of the recently announced pension legislation. The scheme can be set up regardless of the number of employees that will be within the scheme whether it’s 5 or 500.
According to legislation, employer’s taxable income is reduced on the amounts contributed, with current discounted rates standing at a maximum of €2000 per employee per year, while they may also receive a tax credit of 25% for every contribution paid on behalf of an employee. On the other hand, employees are also set to benefit from a tax credit of 25% for every contribution that is paid into the pension scheme.
Any information provided about taxation is based on our understanding of current law and legislation. Future changes in law and taxation, or your own financial circumstances, could affect the treatment of the plan and the amount of tax payable. In order to ascertain your exact tax status, you should seek specific and professional tax advice in relation to your tax obligations under the Lifetime Pension Schemes.
The Lifetime Occupational Pension Scheme is designed to help save for your retirement by building a pot of money to be invested that will provide you with an income throughout your retirement. Contributions are initially invested through the portfolio services of Calamatta Cuschieri Investment Management Ltd., however, these are then diversified to a broader selection of asset class funds depending on the strategy selected by members.
The Lifetime Pensions Private Pension Scheme (“Scheme”) is licensed and regulated as a Personal Retirement Scheme by the MFSA and administered by CCGM Pensions Administrators Ltd (“CCGM”). The MFSA Licence of the Scheme is not an endorsement by the MFSA of the Scheme’s financial performance.The value of the Scheme and its underlying investments may fall as well as rise and past performance is not a guide to future performance. There exists no statutory provision for compensation in the event that the Scheme is unable to satisfy the liabilities attributable to it. Prospective Members are urged to consult their financial advisor prior to making any decision in relation to any retirement planning.
Applications in the Scheme may only be made on the basis of the Scheme Particulars that are available from the offices of the CCGM Pension Administrators (“CCGM”) at Ewropa Business Centre, Triq Dun Karm, Birkirkara, BKR 9034 or by visiting our website www.ccgm.com.mt. CCGM which is licensed by the MFSA as a Retirement Scheme Administrator under the Retirement Pensions Act, Cap 514.
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