50% plus of BOV employees enrol in voluntary occupational scheme

Bank of Valletta (BOV) is celebrating the third anniversary of its Voluntary Occupational Pension Scheme (BOV VOPS). With more than half of the Bank’s employees having already subscribed to the scheme, this is a strong vote of confidence in the bank and an indication that more people are taking their retirement seriously.

Introduced in 2022, BOV VOPS was launched as an employee benefit, supplementing the state pension and helping employees retain their desired standard of living once in retirement. The scheme, which is manufactured by MAPFRE MSV Life p.l.c., has become a cornerstone of BOV’s people strategy and a key element of its employer brand.

A standout feature of the scheme is the Bank’s financial commitment, matching an employee’s contribution up to €2,400 per year. This is a long-term commitment that continues to set BOV apart as an employer of choice. Upon joining the Bank, employees may also transfer their existing workplace pension into BOV VOPS, which is managed through a lifestyle investment strategy, based on employees’ age, ensuring risk management over time.

Speaking on the three-year mark of the pension scheme, Simon Azzopardi, Chief Personal and Wealth Officer, said, “This third anniversary is an important milestone for BOV. The fact that more than 50% of our colleagues are subscribed shows how deeply our people value long-term financial wellbeing. The strong financial contribution being made by the Bank sends a clear message that BOV stands shoulder to shoulder with its employees as they invest in their future.”

Ray Debattista, Chief People and Culture Officer, added, “The success of the Voluntary Occupational Pension Scheme demonstrates that relevant, forward-looking benefits resonate with our people and strengthen the Bank’s position as an employer of choice in Malta. Three years on, this scheme continues to strengthen our values of putting our people first.”

A Call to Employers

Bank of Valletta encourages other employers in Malta to introduce their own voluntary occupational pension schemes. The Bank is willing to offer practical support, sharing insights from its experience in launching and embedding the scheme, and providing guidance on implementation and employee engagement. The scheme helps employers in their efforts to prioritise employee financial well-being and become more attractive employers.