Overview
The Voluntary Occupational Pension Scheme Rules, which were introduced by virtue of Legal Notice 228 of 2017 (the ‘Rules’), set out the fiscal measures announced in the 2017 Budget Speech relating to voluntary occupational pension schemes. They are the first set of tax measures introduced to incentivise an occupational pension system in Malta.
This scheme applies to employers, including self-occupied persons, associations representing employers and self-occupied person and companies who are registered as a payer for the purpose of the Final Settlement System Rules.
It is important to note that any contributions to such a pension scheme made by the employer shall not constitute to be a benefit for the purpose of the Fringe Benefits Rules.
Choosing the pay item for the VOPS Analysis
In Indigo, VOPS is enabled by default.
From the main Indigo screen, go to Payroll & Leave > Main > Settings.
In the resulting screen, click on Payroll, then General Settings. Find the VOPS Analysis field.
Click the pencil button in the toolbar.
In the VOPS Analysis field, enter or search for Employee VOPS.
The VOPS Pay Item Analysis is shown below.
Click Save once done.
Related articles
The investment is split in two, one part is done by the Employee, and the other part is done by the Employer. Check below for the related articles.