Bank of Valletta plc (BOV) has introduced a workplace pension scheme for its employees, under the name the BOV Voluntary Occupational Pension Scheme (VOPS). This is a second-pillar scheme intended to supplement the state pension so employees can maintain the desired standard of living even during their retirement.

It was presented to employees during three offsite information sessions. In his introduction, BOV Chairman Gordon Cordina stated that “at BOV, we strongly believe that our people are our most valuable asset”.

“Employees are encouraged to invest their talents and hard work to grow and strengthen the bank. Similarly, the bank is using VOPS as a tool to invest in its people’s future. This scheme, which is the result of months of cross-functional collaboration across the bank, is a unique way of showing our confidence in the commitment, abilities, and loyalty of our people,” Dr Cordina added.

Kenneth Farrugia, who was appointed CEO at BOV earlier this year, commented that over the past years, the bank has registered a series of “important firsts”, from being the first public company to be registered on the Stock Exchange to the being the bank that launched important innovative solutions on the market like internet and mobile banking.

“I strongly believe that BOV VOPS is one of the most significant firsts registered to date, simply because it is a direct investment in our people and their future wellbeing,” Mr Farrugia explained.

BOV Chief Wealth Management Officer Simon Azzopardi highlighted the fact that the majority of local businesses are facing tough times due to economic pressures, and as a result, BOV is embarking on a “highly ambitious initiative and making a substantial investment” for the benefit of all its employees.

Acting Chief Officer People and Change Ray Debattista added that the VOPS initiative was one of the main pillars of BOV’s plan for its people, and he was “highly satisfied” with employees’ initial reaction to it, along with the “unanimous support” that this initiative was given by both the bank’s Board of Directors and Executive Committee.

During the information sessions, Tonia Parascandalo and Claire Falzon from BOV’s bancassurance unit delivered a detailed explanation of how the VOPS works and its salient features. Adrian Borg, from BOV’s asset management department, gave an overview of the lifestyle strategy implemented to cater for the investment of contributions. One benefit of the BOV VOPS is that the bank will match every employee’s contribution up to €2,400 in a given calendar year, a commitment which is guaranteed for at least the next five years. Another feature allows employees that currently have another workplace pension to be able to transfer their pot under BOV VOPS.