Private retirement scheme for port workers

Middlesea Valletta Life Assurance Co. Ltd has been entrusted to set up a private retirement scheme for the Port Workers Pension & Contingency Fund.

The fund, which has been in existence since 1973, was set up to provide port workers with a "gratuity sum" upon their retirement.

Transport and Communications Minister Censu Galea said port workers were an important sector in the Maltese economy which handled all incoming and outbound cargo.

David Curmi, general manager of Middlesea Valletta Life, said the successful conclusion of the scheme was a demonstration of the flexibility of the company which sought to provide tailor-made solutions for individual client needs as well as the solid reputation which it had earned over the years. The members of the fund will now be added to the policyholders of Middlesea Valletta Life, who number more than 70,000.

The scheme takes into consideration the years of service of every individual member as well as the remaining years to retirement.

The design and establishment of the scheme was undertaken jointly by Middlesea Valletta Life Assurance Co. Ltd and First Retirement Planning Ltd, the appointed consultants of the Port Workers Pension & Contingency Fund.